Ovid Therapeutics Inc (NASDAQ:OVID) Short Interest Down 22.5% in September

Ovid Therapeutics Inc (NASDAQ:OVID) was the recipient of a large decrease in short interest during the month of September. As of September 15th, there was short interest totalling 3,510,000 shares, a decrease of 22.5% from the August 31st total of 4,530,000 shares. Currently, 9.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,220,000 shares, the short-interest ratio is presently 2.9 days.

OVID has been the subject of a number of research reports. LADENBURG THALM/SH SH reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Ovid Therapeutics in a research note on Monday, July 13th. William Blair reaffirmed a “buy” rating on shares of Ovid Therapeutics in a research note on Tuesday, August 11th. Cantor Fitzgerald cut their price objective on shares of Ovid Therapeutics from $13.00 to $12.00 in a research note on Wednesday, August 26th. Piper Sandler reaffirmed an “overweight” rating and issued a $10.00 price objective on shares of Ovid Therapeutics in a research note on Thursday, June 18th. Finally, Citigroup upped their price objective on shares of Ovid Therapeutics from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, August 26th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $13.04.

In related news, CEO Jeremy M. Levin purchased 8,488 shares of the firm’s stock in a transaction dated Friday, August 28th. The shares were purchased at an average price of $5.84 per share, with a total value of $49,569.92. Following the acquisition, the chief executive officer now directly owns 5,792,530 shares of the company’s stock, valued at $33,828,375.20. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 12.29% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in OVID. UBS Group AG increased its stake in Ovid Therapeutics by 5,127.9% during the 1st quarter. UBS Group AG now owns 207,964 shares of the company’s stock valued at $620,000 after purchasing an additional 203,986 shares in the last quarter. BlackRock Inc. grew its stake in shares of Ovid Therapeutics by 8.7% in the first quarter. BlackRock Inc. now owns 490,003 shares of the company’s stock worth $1,461,000 after acquiring an additional 39,257 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Ovid Therapeutics in the first quarter worth approximately $64,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Ovid Therapeutics in the first quarter worth approximately $35,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Ovid Therapeutics in the first quarter worth approximately $473,000. Institutional investors and hedge funds own 38.28% of the company’s stock.

Shares of Ovid Therapeutics stock traded up $0.31 during trading on Thursday, hitting $6.05. The company’s stock had a trading volume of 1,050,355 shares, compared to its average volume of 1,024,146. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.02 and a current ratio of 3.02. The company has a fifty day simple moving average of $6.37 and a two-hundred day simple moving average of $5.37. The company has a market capitalization of $345.35 million, a PE ratio of -3.88 and a beta of 1.93. Ovid Therapeutics has a 52 week low of $1.80 and a 52 week high of $9.40.

Ovid Therapeutics (NASDAQ:OVID) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.36) by ($0.05). As a group, analysts predict that Ovid Therapeutics will post -1.58 EPS for the current year.

Ovid Therapeutics Company Profile

Ovid Therapeutics Inc, a biopharmaceutical company, develops impactful medicines for patients and families with neurological disorders in the United States. The company is developing OV101, a drug candidate, which has completed Phase II clinical trial for adults with angelman syndrome; and Phase I clinical trial for adolescents with angelman syndrome or fragile X syndrome.

Featured Article: What is a Market Correction?

Receive News & Ratings for Ovid Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ovid Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.