Ovid Therapeutics Inc (NASDAQ:OVID) Short Interest Up 16.7% in October
Ovid Therapeutics Inc (NASDAQ:OVID) was the recipient of a significant increase in short interest in 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. Based on an average trading volume of 495,200 shares, the days-to-cover ratio is currently 1.3 days. Currently, 3.6% of the company’s stock are short sold.
In other news, CEO Jeremy M. Levin acquired 60,000 shares of the firm’s stock in a transaction dated Tuesday, October 8th. The stock was 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.
A number of institutional investors have recently made changes to their positions in the stock. Commonwealth Equity Services LLC bought a new stake in Ovid Therapeutics during the third quarter worth $56,000. Jane Street Group LLC grew its holdings in Ovid Therapeutics by 199.6% during the second quarter. Jane Street Group LLC now owns 52,309 shares of the company’s stock worth $97,000 after buying an additional 34,850 shares in the last quarter. Paloma Partners Management Co bought a new position in Ovid Therapeutics in the 2nd quarter valued at $109,000. Vanguard Group Inc. grew its stake in Ovid Therapeutics by 67.8% in the 2nd quarter. Vanguard Group Inc. now owns 1,097,614 shares of the company’s stock valued at $2,030,000 after purchasing an additional 443,490 shares during the period. Finally, Renaissance Technologies LLC grew its stake in Ovid Therapeutics by 29.8% in the 2nd quarter. Renaissance Technologies LLC now owns 471,609 shares of the company’s stock valued at $872,000 after purchasing an additional 108,392 shares during the period. Institutional investors and hedge funds own 26.02% of the company’s stock.
Ovid Therapeutics (NASDAQ:OVID) last announced its quarterly earnings results on Friday, November 8th. The company reported ($0.43) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.45) by $0.02. Equities analysts expect that Ovid Therapeutics will post -1.5 EPS for the current year.
Several research firms have recently commented on OVID. Citigroup boosted their price objective on Ovid Therapeutics from $8.00 to $10.00 and gave the company a “buy” rating in a report on Tuesday, September 24th. Royal Bank of Canada began coverage on Ovid Therapeutics in a report on Wednesday, September 4th. They set an “outperform” rating and a $12.00 price objective for the company. Cowen restated a “buy” rating on shares of Ovid Therapeutics in a report on Monday. Piper Jaffray Companies set a $14.00 price objective on Ovid Therapeutics and gave the company a “buy” rating in a report on Monday, September 23rd. Finally, ValuEngine upgraded Ovid Therapeutics from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Ovid Therapeutics presently has an average rating of “Buy” and an average target price 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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