CervoMed Inc. (NASDAQ:CRVO) Short Interest Update

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CRVO. RA Capital Management L.P. purchased a new stake in shares of CervoMed during the first quarter valued at $20,075,000. Ikarian Capital LLC bought a new stake in shares of CervoMed in the first quarter worth approximately $5,530,000. Crown Advisors Management Inc. purchased a new position in shares of CervoMed during the first quarter valued at approximately $2,330,000. Renaissance Technologies LLC lifted its position in 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 during the period. Finally, Citizens Financial Group Inc. RI bought a new stake in CervoMed in the 2nd quarter worth approximately $461,000. Hedge funds and other institutional investors own 25.15% of the company’s stock.

CervoMed Stock Performance

Shares of NASDAQ:CRVO opened at $14.38 on Wednesday. The business has a fifty day moving average price of $15.27 and a 200-day moving average price of $18.88. CervoMed has a 1-year low of $4.61 and a 1-year high of $26.38.

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

Wall Street Analyst Weigh In

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

CervoMed Company Profile

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.