Short Interest in CervoMed Inc. (NASDAQ:CRVO) Rises By 16.5%

CervoMed Inc. (NASDAQ:CRVO) was the recipient of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 1,480,000 shares, a growth of 16.5% from the October 15th total of 1,270,000 shares. Currently, 27.7% of the company’s shares are sold short. Based on an average daily trading volume, of 81,400 shares, the days-to-cover ratio is presently 18.2 days.

CervoMed Trading Down 1.4 %

Shares of NASDAQ CRVO opened at $10.77 on Monday. The firm’s 50 day moving average price is $13.92 and its 200-day moving average price is $16.46. CervoMed has a 52-week low of $5.85 and a 52-week high of $26.38.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.41) by ($0.14). The business had revenue of $1.94 million during the quarter, compared to analysts’ expectations of $1.75 million. CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. As a group, research analysts expect that CervoMed will post -1.66 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Chardan Capital reissued a “buy” rating and set a $55.00 price target on shares of CervoMed in a research report on Thursday. Morgan Stanley assumed coverage on CervoMed in a research note on Friday, July 26th. They issued an “overweight” rating and a $35.00 target price on the stock. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $65.00 price target on shares of CervoMed in a research report on Thursday, July 25th. Five analysts have rated the stock with a buy rating, According to MarketBeat, CervoMed currently has a consensus rating of “Buy” and a consensus price target of $53.60.

Institutional Trading of CervoMed

Large investors have recently modified their holdings of the company. Renaissance Technologies LLC increased its holdings 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 buying an additional 1,600 shares during the last quarter. Fred Alger Management LLC bought a new position in CervoMed in the 2nd quarter worth $60,000. Citizens Financial Group Inc. RI lifted its position in CervoMed by 13.2% during the third quarter. Citizens Financial Group Inc. RI now owns 30,509 shares of the company’s stock valued at $445,000 after purchasing an additional 3,553 shares in the last quarter. FMR LLC bought a new stake in CervoMed during the third quarter valued at about $56,000. Finally, Rhumbline Advisers purchased a new stake in CervoMed in the second quarter worth about $96,000. Institutional investors own 25.15% of the company’s stock.

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.