With the current price of $5.69, the stock of Ovid Therapeutics Inc. (NASDAQ:OVID) concluded the trading session seeing its price drop by -0.37 points or at a loss of -6.11% compared to its previous day’s closing price of $6.06. About 2.267 million shares of the stock changed hands on the day. The trading volume of OVID’s shares during the past session compares with the stock’s average daily trading volume of 1.64 million shares. On the other hand, a float of 35.09 million shares and a weekly performance of -28.07% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $0 for OVID’s share which suggests that the stock, price of which is currently buoying between $5.61 and $6.15, is prone to a loss of -100%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $10 to the stock.
The latest data released on August 14, 2020 shows that the short float in the Ovid Therapeutics Inc.’s stock is trending upward as short interest in OVID shares climbed up leaving more number of shares available to public for trading. Number of shares shorted in the OVID is currently comprised of 8.32% of the float as the volume of shorted shares inclined by 77988 shares. Over the past two weeks, stock’s short interests weakened as number of shorted shares increased to 2.997 million shares from the previous figure of 2.919 million shares. Stock’s average intraday volume is now standing at 560507 shares which indicate that the days to cover the shorts are nearly 5.346413.
After concluding the day’s trading, price of Ovid Therapeutics Inc. (NASDAQ:OVID) is down -$2.22 over the week and it is -$0.91 below20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $9.4 that was attained on 06/19/20.
The stock has traded as low as $1.74 in past 52-week, and its current price is 227.01% above from that 52-week low price mark recorded on 09/03/19, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 0. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 31.36 as 14-days RSI of Ovid Therapeutics Inc. This means that the OVID is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly, the stochastic oscillator is indicating a momentum of 9.34%, implying stock’s share price is buoying in an overbought state.
Technical chart is showing 1st resistance point of $6.02 for the OVID’s share while placing it at a 2nd resistance point of $6.36 to be settled at. But if the stock takes a plunge lower than the 1st support price of $5.48 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $5.28.
MACD oscillator is showing a reading of -1.12 for the stock which means that it is currently in the red zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
RBC Capital Mkts started covering the OVID stock on September 04, recommending Outperform rating for it while assigning the price target of $12. The stock gets a Buy recommendation from analysts at Ladenburg Thalmann who started covering the stock with a target price of $27 in their April 20 note to investors.
The average rating of 1.57 for OVID is placing the stock in bullish category at the moment. In a poll by Reuters including 7 analysts in it who kept tracking the Ovid Therapeutics Inc., 0 rated the stock as hold. Others were in different opinions for the OVID. Out of remaining 7 analysts, 7 rated the stock as a buy or strong buy. 0 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.