The stock of Ovid Therapeutics Inc. (NASDAQ:OVID) is now priced at $5.74 and the shares are -0.1 points down or -1.71% lower compared to its previous closing price of $5.84. The stock had 1.185 million contracts set over the past session. OVID shares’ daily volume is compared to its average trading volume at 1.642 million shares. However, it has a float of 35.09 million and although its performance was -9.89% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the OVID share price recently placing at $5.63 to $6.07. However, some brokerage firms have priced the stock below the average, including one that has called $10.
The shorts are climbing into the Ovid Therapeutics Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the OVID shares have risen. Short interest in the stock represents just 8.54% of its float, but the volume has raised by 77988. The volume of shorted shares rised to 2.997 million from 2.919 million shares over the last two weeks. The average intraday trading volume has been 560507 shares, which means that days to cover moved to roughly 5.346413.
In the last trading session, Ovid Therapeutics Inc. (NASDAQ:OVID) dropped by -$0.63 over the week and lost -$1.03 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $9.4. The stock recorded its established 52-week high on 06/19/20.
Since 09/03/19, the stock has traded to a low of $1.74 at 229.89%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Ovid Therapeutics Inc.’s two-week RSI is 33.52. This suggests that the stock is neutral at the moment and that OVID shares’ price movement remains stable. The stochastic readings are equally revealing at 7.49% meaning the OVID share price is currently in overbought territory.
The technical chart shows that the OVID stock will likely settle at between $6 and $6.25 per share. However, if the stock dips below $5.56, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $5.37.
Currently, the stock is trading in the red of MACD, with a reading of -0.89. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned OVID a rating of Outperform in their intiating review released on September 04. Ladenburg Thalmann analysts see the stock as a Buy with a target price of $27 in a flash note released to investors on April 20 initiating covering the stock.
The average rating for the OVID equity is 1.57 and is currently gathering a bullish momentum. Of 7 analysts tracking Ovid Therapeutics Inc. polled by Reuters, 0 rated OVID as a hold. The remaining 7 analysts were split evenly. However, the split wasn’t equal as a majority (7) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.