Short Interest in CervoMed Inc. (NASDAQ:CRVO) Expands By 5.9%

CervoMed Inc. (NASDAQ:CRVO) was the recipient of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 1,070,000 shares, a growth of 5.9% from the August 15th total of 1,010,000 shares. Based on an average daily trading volume, of 85,400 shares, the short-interest ratio is currently 12.5 days. Currently, 20.0% of the company’s stock are sold short.

Institutional Trading of CervoMed

A number of hedge funds and other institutional investors have recently made changes to their positions in CRVO. Crown Advisors Management Inc. acquired a new position in CervoMed during the first quarter worth $2,330,000. Ikarian Capital LLC acquired a new position in CervoMed during the first quarter worth $5,530,000. RA Capital Management L.P. acquired a new position in CervoMed during the first quarter worth $20,075,000. Bank of New York Mellon Corp acquired a new position in CervoMed during the second quarter worth $236,000. Finally, Rhumbline Advisers acquired a new position in CervoMed during the second quarter worth $96,000. 25.15% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Chardan Capital assumed coverage on shares of CervoMed in a report on Wednesday. They set a “buy” rating and a $55.00 target price on the stock. Canaccord Genuity Group restated a “buy” rating and set a $65.00 target price on shares of CervoMed in a report on Thursday, July 25th. Brookline Capital Management assumed coverage on shares of CervoMed in a report on Monday, July 8th. They set a “buy” rating and a $63.00 target price on the stock. Finally, Morgan Stanley assumed coverage on shares of CervoMed in a report on Friday, July 26th. They set an “overweight” rating and a $35.00 target price on the stock. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, CervoMed presently has an average rating of “Buy” and an average price target of $53.60.

CervoMed Price Performance

Shares of NASDAQ CRVO traded down $0.34 during midday trading on Wednesday, reaching $15.80. The company’s stock had a trading volume of 65,057 shares, compared to its average volume of 50,318. CervoMed has a fifty-two week low of $4.28 and a fifty-two week high of $26.38. The stock has a 50 day simple moving average of $15.53 and a 200-day simple moving average of $18.90.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.03). CervoMed had a negative net margin of 52.24% and a negative return on equity of 27.91%. The business had revenue of $3.29 million during the quarter, compared to analyst estimates of $3.48 million. Equities research analysts anticipate that CervoMed will post -1.49 earnings per share for the current fiscal year.

About CervoMed

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.