Short Interest in Ovid Therapeutics Inc. (NASDAQ:OVID) Decreases By 27.0%

Ovid Therapeutics Inc. (NASDAQ:OVID - Get Free Report) was the target of a significant drop in short interest in the month of December. As of December 31st, there was short interest totalling 692,000 shares, a drop of 27.0% from the December 15th total of 947,800 shares. Approximately 1.2% of the company's stock are sold short. Based on an average daily trading volume, of 251,900 shares, the short-interest ratio is presently 2.7 days.

Analysts Set New Price Targets

Separately, HC Wainwright reissued a "buy" rating and set a $3.00 price target on shares of Ovid Therapeutics in a research report on Wednesday, December 4th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $4.04.

Ovid Therapeutics Stock Performance

Shares of NASDAQ:OVID traded up $0.00 during trading on Wednesday, reaching $0.76. The stock had a trading volume of 238,366 shares, compared to its average volume of 428,596. The firm has a market capitalization of $54.10 million, a price-to-earnings ratio of -1.62 and a beta of 0.34. The company has a quick ratio of 5.66, a current ratio of 5.66 and a debt-to-equity ratio of 0.18. Ovid Therapeutics has a 52 week low of $0.68 and a 52 week high of $4.10. The stock has a fifty day simple moving average of $1.05 and a two-hundred day simple moving average of $1.07.

Ovid Therapeutics (NASDAQ:OVID - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The business had revenue of $0.17 million for the quarter, compared to the consensus estimate of $0.15 million. Ovid Therapeutics had a negative net margin of 5,142.56% and a negative return on equity of 39.24%. As a group, analysts anticipate that Ovid Therapeutics will post -0.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ovid Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. DCF Advisers LLC boosted its holdings in Ovid Therapeutics by 111.6% in the 2nd quarter. DCF Advisers LLC now owns 41,750 shares of the company's stock valued at $32,000 after purchasing an additional 22,020 shares during the period. XTX Topco Ltd raised its position in shares of Ovid Therapeutics by 46.2% during the third quarter. XTX Topco Ltd now owns 38,230 shares of the company's stock valued at $45,000 after buying an additional 12,076 shares during the last quarter. FMR LLC lifted its stake in shares of Ovid Therapeutics by 1,907.4% in the third quarter. FMR LLC now owns 50,225 shares of the company's stock valued at $59,000 after buying an additional 47,723 shares during the period. Verition Fund Management LLC acquired a new stake in Ovid Therapeutics during the third quarter worth about $88,000. Finally, Barclays PLC grew its position in Ovid Therapeutics by 311.2% during the third quarter. Barclays PLC now owns 84,175 shares of the company's stock worth $98,000 after buying an additional 63,702 shares in the last quarter. Institutional investors own 72.24% of the company's stock.

About Ovid Therapeutics

Ovid Therapeutics Inc, a biopharmaceutical company, engages in the development of impactful medicines for patients and families with epilepsies and seizure-related neurological disorders in the United States. The company is developing soticlestat, a novel cholesterol 24 hydroxylase inhibitor, which is in Phase 3 clinical trials for the potential treatment of patients with resistant epilepsies; OV329, a GABA aminotransferase inhibitor which is in Phase 1 clinical trials for the treatment of seizures associated with tuberous sclerosis complex and infantile spasms; and OV350, a small molecule direct activator of the KCC2 transporter, which is in Phase 1 clinical trials for treating epilepsies.

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