Ovid Therapeutics Inc (NASDAQ:OVID) was the target of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 4,530,000 shares, an increase of 51.0% from the August 15th total of 3,000,000 shares. Based on an average trading volume of 1,610,000 shares, the short-interest ratio is presently 2.8 days. Approximately 12.7% of the shares of the stock are short sold.

Shares of OVID traded down $0.03 during trading hours on Wednesday, hitting $6.38. The stock had a trading volume of 372 shares, compared to its average volume of 1,048,755. 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 firm has a market cap of $365.90 million, a P/E ratio of -4.11 and a beta of 1.93. The company’s fifty day simple moving average is $6.55 and its 200 day simple moving average is $5.15. Ovid Therapeutics has a 12-month low of $1.80 and a 12-month high of $9.40.

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

In related news, CEO Jeremy M. Levin bought 8,488 shares of the stock in a transaction on Friday, August 28th. The shares were purchased at an average price of $5.84 per share, for a total transaction of $49,569.92. Following the acquisition, the chief executive officer now owns 5,792,530 shares in the company, valued at $33,828,375.20. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 12.29% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can acquired a new stake in Ovid Therapeutics in the 2nd quarter valued at $27,000. Ameritas Investment Partners Inc. acquired a new stake in Ovid Therapeutics in the 2nd quarter valued at $28,000. Dynamic Technology Lab Private Ltd acquired a new stake in Ovid Therapeutics in the 1st quarter valued at $35,000. Bank of New York Mellon Corp acquired a new stake in Ovid Therapeutics in the 1st quarter valued at $64,000. Finally, Two Sigma Advisers LP increased its holdings in Ovid Therapeutics by 21.9% in the 1st quarter. Two Sigma Advisers LP now owns 23,400 shares of the company’s stock valued at $70,000 after purchasing an additional 4,200 shares in the last quarter. Hedge funds and other institutional investors own 38.28% of the company’s stock.

A number of equities research analysts have commented on OVID shares. LADENBURG THALM/SH SH reiterated a “buy” rating and set a $21.00 target price on shares of Ovid Therapeutics in a report on Monday, July 13th. Zacks Investment Research lowered Ovid Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Citigroup increased their price target on Ovid Therapeutics from $9.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, August 26th. Piper Sandler reissued an “overweight” rating and set a $10.00 price target on shares of Ovid Therapeutics in a research note on Thursday, June 18th. Finally, Royal Bank of Canada increased their price target on Ovid Therapeutics from $13.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 26th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $13.18.

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.

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