Ovid Therapeutics Inc. (NASDAQ:OVID) was the target of a significant decline in short interest in April. As of April 15th, there was short interest totalling 4,710,000 shares, a decline of 18.5% from the March 31st total of 5,780,000 shares. Based on an average trading volume of 3,930,000 shares, the days-to-cover ratio is presently 1.2 days.
A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. grew its position in shares of Ovid Therapeutics by 23.6% in the 4th quarter. BlackRock Inc. now owns 3,411,733 shares of the company’s stock worth $7,880,000 after buying an additional 652,042 shares during the last quarter. Baker BROS. Advisors LP boosted its stake in Ovid Therapeutics by 61.8% in the fourth quarter. Baker BROS. Advisors LP now owns 955,690 shares of the company’s stock valued at $2,208,000 after acquiring an additional 364,929 shares in the last quarter. CHI Advisors LLC boosted its stake in Ovid Therapeutics by 33.8% in the fourth quarter. CHI Advisors LLC now owns 827,260 shares of the company’s stock valued at $1,911,000 after acquiring an additional 209,168 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Ovid Therapeutics in the fourth quarter valued at approximately $1,641,000. Finally, Wells Fargo & Company MN boosted its stake in Ovid Therapeutics by 3.1% in the fourth quarter. Wells Fargo & Company MN now owns 551,759 shares of the company’s stock valued at $1,274,000 after acquiring an additional 16,673 shares in the last quarter. Institutional investors and hedge funds own 39.59% of the company’s stock.
Several research firms recently issued reports on OVID. Zacks Investment Research cut Ovid Therapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, April 17th. UBS Group increased their target price on Ovid Therapeutics from $4.00 to $5.00 and gave the company a “neutral” rating in a research report on Thursday, March 4th. Royal Bank of Canada cut Ovid Therapeutics from an “outperform” rating to a “sector perform” rating and set a $5.00 price objective on the stock. in a research note on Wednesday, March 3rd. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $4.00 target price (down previously from $8.00) on shares of Ovid Therapeutics in a report on Monday, April 26th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $9.94.
Ovid Therapeutics (NASDAQ:OVID) last posted its quarterly earnings results on Sunday, March 14th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.03). The firm had revenue of $5.70 million for the quarter, compared to analyst estimates of $6.54 million. Equities analysts anticipate that Ovid Therapeutics will post -1.33 EPS for the current year.
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 is in Phase III clinical trial for the treatment of angelman syndrome in adults; and completed Phase II clinical trial for the treatment of fragile X syndrome in adolescent and young male adults.
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