CervoMed Inc. (NASDAQ:CRVO) Short Interest Up 7.5% in September

by · The Markets Daily

CervoMed Inc. (NASDAQ:CRVO – Get Free Report) saw a large increase in short interest in September. As of September 15th, there was short interest totalling 1,150,000 shares, an increase of 7.5% from the August 31st total of 1,070,000 shares. Currently, 21.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 90,700 shares, the days-to-cover ratio is currently 12.7 days.

Institutional Trading of CervoMed

Institutional investors and hedge funds have recently modified their holdings of the stock. RA Capital Management L.P. purchased a new stake in shares of CervoMed in the 1st quarter worth $20,075,000. Ikarian Capital LLC purchased a new position in CervoMed during the 1st quarter valued at about $5,530,000. Crown Advisors Management Inc. bought a new stake in shares of CervoMed in the 1st quarter valued at about $2,330,000. Renaissance Technologies LLC boosted its stake in shares of CervoMed by 5.2% during the second quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock valued at $554,000 after purchasing an additional 1,600 shares in the last quarter. Finally, Citizens Financial Group Inc. RI purchased a new position in CervoMed during the second quarter valued at approximately $461,000. Institutional investors own 25.15% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on CRVO. Brookline Capital Management initiated coverage on CervoMed in a report on Monday, July 8th. They set a “buy” rating and a $63.00 price target on the stock. Morgan Stanley assumed coverage on CervoMed in a research note on Friday, July 26th. They issued an “overweight” rating and a $35.00 price target for the company. Chardan Capital began coverage on shares of CervoMed in a research report on Wednesday, September 18th. They set a “buy” rating and a $55.00 price objective on the stock. Finally, Canaccord Genuity Group restated a “buy” rating and set a $65.00 target price on shares of CervoMed in a research report on Thursday, July 25th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CervoMed has a consensus rating of “Buy” and an average target price of $53.60.

Read Our Latest Research Report on CervoMed

CervoMed Stock Performance

NASDAQ:CRVO opened at $14.38 on Wednesday. The stock’s fifty day moving average is $15.27 and its 200 day moving average is $18.88. CervoMed has a fifty-two week low of $4.61 and a fifty-two week high of $26.38.

CervoMed (NASDAQ:CRVO – Get Free Report) last announced its quarterly earnings data on Monday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.03). The firm had revenue of $3.29 million during the quarter, compared to the consensus estimate of $3.48 million. CervoMed had a negative return on equity of 27.91% and a negative net margin of 52.24%. As a group, equities analysts predict that CervoMed will post -1.45 earnings per share for the current year.

CervoMed Company Profile

(Get Free Report)

CervoMed Inc, a biotechnology company, engages in the development and commercialization of treatments for age-related neurologic disorders. Its lead drug candidate is neflamapimod, an orally administered small molecule brain penetrant for the treatment of dementia with Lewy bodies (DLB), Alzheimer's diseases, frontotemporal dementia, and ischemic stroke recovery.

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