Ovid Therapeutics Inc. (NASDAQ:OVID) Sees Significant Growth in Short Interest

Ovid Therapeutics Inc. (NASDAQ:OVID) was the target of a large increase in short interest in January. As of January 31st, there was short interest totalling 883,700 shares, an increase of 25.3% from the January 15th total of 705,500 shares. Based on an average daily trading volume, of 365,900 shares, the days-to-cover ratio is currently 2.4 days. Currently, 1.6% of the shares of the stock are short sold.

Institutional Trading of Ovid Therapeutics

A number of institutional investors have recently bought and sold shares of the stock. Adage Capital Partners GP L.L.C. bought a new stake in Ovid Therapeutics in the fourth quarter worth $934,000. Kennedy Capital Management LLC lifted its position in Ovid Therapeutics by 1.1% in the fourth quarter. Kennedy Capital Management LLC now owns 1,545,387 shares of the company’s stock worth $1,443,000 after buying an additional 17,402 shares during the last quarter. Renaissance Technologies LLC lifted its position in Ovid Therapeutics by 142.0% in the fourth quarter. Renaissance Technologies LLC now owns 107,700 shares of the company’s stock worth $101,000 after buying an additional 63,200 shares during the last quarter. ADAR1 Capital Management LLC lifted its position in Ovid Therapeutics by 245.8% in the fourth quarter. ADAR1 Capital Management LLC now owns 130,532 shares of the company’s stock worth $122,000 after buying an additional 92,789 shares during the last quarter. Finally, Takeda Pharmaceutical Co. Ltd. bought a new stake in Ovid Therapeutics in the fourth quarter worth $7,012,000. 72.24% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on OVID. Oppenheimer raised shares of Ovid Therapeutics from a “market perform” rating to an “outperform” rating and set a $4.00 price objective for the company in a report on Wednesday, January 29th. HC Wainwright reissued a “buy” rating and issued a $3.00 target price on shares of Ovid Therapeutics in a report on Wednesday, December 4th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Ovid Therapeutics currently has a consensus rating of “Buy” and an average price target of $4.03.

Ovid Therapeutics Price Performance

Shares of OVID stock traded down $0.00 on Friday, reaching $0.64. The company’s stock had a trading volume of 280,646 shares, compared to its average volume of 544,787. The stock’s fifty day simple moving average is $0.84 and its 200-day simple moving average is $1.03. Ovid Therapeutics has a 1 year low of $0.57 and a 1 year high of $3.93. The company has a current ratio of 5.66, a quick ratio of 5.66 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $45.72 million, a price-to-earnings ratio of -1.37 and a beta of 0.30.

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.