Short Interest in NeuroBo Pharmaceuticals, Inc. (NASDAQ:NRBO) Drops By 40.8%

NeuroBo Pharmaceuticals, Inc. (NASDAQ:NRBO) saw a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 144,800 shares, a decrease of 40.8% from the August 15th total of 244,500 shares. Based on an average daily trading volume, of 2,480,000 shares, the days-to-cover ratio is presently 0.1 days. Approximately 1.8% of the company’s stock are sold short.

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. increased its holdings in shares of NeuroBo Pharmaceuticals by 2.7% during the first quarter. BlackRock Inc. now owns 226,013 shares of the company’s stock valued at $995,000 after acquiring an additional 6,024 shares in the last quarter. Mount Yale Investment Advisors LLC bought a new stake in shares of NeuroBo Pharmaceuticals during the second quarter valued at approximately $191,000. Deutsche Bank AG increased its holdings in shares of NeuroBo Pharmaceuticals by 1,016.3% during the second quarter. Deutsche Bank AG now owns 31,090 shares of the company’s stock valued at $104,000 after acquiring an additional 28,305 shares in the last quarter. Ergoteles LLC bought a new stake in shares of NeuroBo Pharmaceuticals during the second quarter valued at approximately $103,000. Finally, Millennium Management LLC bought a new stake in shares of NeuroBo Pharmaceuticals during the second quarter valued at approximately $98,000. 3.86% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages have issued reports on NRBO. Zacks Investment Research downgraded NeuroBo Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Friday, September 3rd. HC Wainwright reaffirmed a “buy” rating and set a $16.00 price target on shares of NeuroBo Pharmaceuticals in a report on Tuesday, August 31st.

Shares of NeuroBo Pharmaceuticals stock traded down $0.35 during midday trading on Monday, reaching $3.90. The company had a trading volume of 1,313 shares, compared to its average volume of 1,086,432. The stock has a fifty day moving average price of $3.60 and a 200 day moving average price of $3.57. The firm has a market cap of $86.91 million, a PE ratio of -2.47 and a beta of 0.68. NeuroBo Pharmaceuticals has a fifty-two week low of $2.70 and a fifty-two week high of $7.61.

NeuroBo Pharmaceuticals (NASDAQ:NRBO) last posted its quarterly earnings data on Monday, August 16th. The company reported ($0.18) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.15) by ($0.03). Research analysts forecast that NeuroBo Pharmaceuticals will post -0.67 earnings per share for the current fiscal year.

About NeuroBo Pharmaceuticals

NeuroBo Pharmaceuticals, Inc is a clinical-stage biotechnology company, which engages in developing and commercializing multi-modal disease-modifying therapies. Its pipeline include ANA001, a proprietary oral niclosamide formulation; Gemcabene, which is assessed as an acute indication for COVID-19; NB-01, a treatment for painful diabetic neuropathy; and NB-02, which has the potential to treat the symptoms of cognitive impairment and modify the progression of neurodegenerative diseases.

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