CervoMed Inc. (NASDAQ:CRVO) Short Interest Update

CervoMed Inc. (NASDAQ:CRVO) was the target of a large increase in short interest during the month of 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. Based on an average daily trading volume, of 90,700 shares, the days-to-cover ratio is currently 12.7 days. Currently, 21.5% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

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

CervoMed Price Performance

Shares of CervoMed stock opened at $15.13 on Monday. The firm has a 50-day moving average of $15.31 and a 200-day moving average of $18.92. CervoMed has a 52-week low of $4.45 and a 52-week high of $26.38.

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

Hedge Funds Weigh In On CervoMed

A number of institutional investors have recently modified their holdings of CRVO. Fred Alger Management LLC bought a new position in CervoMed in the 2nd quarter valued at approximately $60,000. Rhumbline Advisers acquired a new position in shares of CervoMed during the second quarter worth $96,000. Bank of New York Mellon Corp bought a new position in shares of CervoMed in the 2nd quarter valued at $236,000. Citizens Financial Group Inc. RI acquired a new stake in shares of CervoMed during the 2nd quarter valued at $461,000. Finally, Renaissance Technologies LLC boosted its holdings in shares of CervoMed by 5.2% during the 2nd quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock valued at $554,000 after acquiring an additional 1,600 shares in the last quarter. Institutional investors and hedge funds own 25.15% of the company’s stock.

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.