Ovid Therapeutics Inc (NASDAQ:OVID) Short Interest Up 16.7% in October

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Ovid Therapeutics Inc (NASDAQ:OVID) was the recipient of a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 659,000 shares, an increase of 16.7% from the September 30th total of 564,500 shares. Currently, 3.6% of the shares of the stock are short sold. Based on an average trading volume of 495,200 shares, the short-interest ratio is currently 1.3 days.

In other Ovid Therapeutics news, CEO Jeremy M. Levin bought 60,000 shares of the firm’s stock in a transaction on Tuesday, October 8th. The shares were purchased at an average price of $2.13 per share, for a total transaction of $127,800.00. Insiders own 29.80% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Ovid Therapeutics by 67.8% during the second quarter. Vanguard Group Inc. now owns 1,097,614 shares of the company’s stock worth $2,030,000 after purchasing an additional 443,490 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Ovid Therapeutics by 29.8% during the second quarter. Renaissance Technologies LLC now owns 471,609 shares of the company’s stock worth $872,000 after purchasing an additional 108,392 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Ovid Therapeutics by 41.0% during the second quarter. Wells Fargo & Company MN now owns 442,604 shares of the company’s stock worth $819,000 after purchasing an additional 128,618 shares during the last quarter. Acadian Asset Management LLC grew its holdings in shares of Ovid Therapeutics by 37.4% during the second quarter. Acadian Asset Management LLC now owns 211,490 shares of the company’s stock worth $392,000 after purchasing an additional 57,592 shares during the last quarter. Finally, Paloma Partners Management Co bought a new stake in shares of Ovid Therapeutics during the second quarter worth about $109,000. Institutional investors own 26.02% of the company’s stock.

Shares of NASDAQ:OVID traded down $0.09 during midday trading on Tuesday, hitting $2.47. 410,400 shares of the stock were exchanged, compared to its average volume of 465,483. The stock has a market capitalization of $98.67 million, a price-to-earnings ratio of -1.17 and a beta of 2.38. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.84 and a current ratio of 5.84. The business’s 50-day moving average price is $2.53 and its 200 day moving average price is $2.12. Ovid Therapeutics has a 12 month low of $1.53 and a 12 month high of $5.25.

Ovid Therapeutics (NASDAQ:OVID) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.43) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.45) by $0.02. As a group, sell-side analysts expect that Ovid Therapeutics will post -1.5 EPS for the current year.

OVID has been the topic of a number of recent analyst reports. Piper Jaffray Companies set a $14.00 target price on Ovid Therapeutics and gave the company a “buy” rating in a research report on Monday, September 23rd. Citigroup lifted their target price on Ovid Therapeutics from $8.00 to $10.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Royal Bank of Canada initiated coverage on Ovid Therapeutics in a research report on Wednesday, September 4th. They issued an “outperform” rating and a $12.00 target price on the stock. ValuEngine upgraded Ovid Therapeutics from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Zacks Investment Research upgraded Ovid Therapeutics from a “hold” rating to a “buy” rating and set a $2.00 target price on the stock in a research report on Thursday, September 5th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $12.29.

About Ovid Therapeutics

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.

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