CervoMed Inc. (NASDAQ:CRVO) Short Interest Up 16.5% in October

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

Hedge Funds Weigh In On CervoMed

Institutional investors and hedge funds have recently made changes to their positions in the business. Citizens Financial Group Inc. RI bought a new position in shares of CervoMed during the second quarter valued at approximately $461,000. Renaissance Technologies LLC increased its stake in shares of 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 in the last quarter. Rhumbline Advisers bought a new stake in shares of CervoMed during the second quarter valued at approximately $96,000. Bank of New York Mellon Corp bought a new stake in shares of CervoMed during the second quarter valued at approximately $236,000. Finally, Ikarian Capital LLC bought a new stake in shares of CervoMed during the first quarter valued at approximately $5,530,000. Institutional investors own 25.15% of the company’s stock.

CervoMed Stock Down 1.4 %

Shares of NASDAQ CRVO opened at $10.77 on Monday. CervoMed has a fifty-two week low of $5.85 and a fifty-two week high of $26.38. The company has a 50 day simple moving average of $13.92 and a two-hundred day simple moving average of $16.46.

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

Analyst Ratings Changes

CRVO has been the subject of a number of research reports. Morgan Stanley initiated coverage on shares of CervoMed in a research note on Friday, July 26th. They issued an “overweight” rating and a $35.00 price target for the company. Chardan Capital reissued a “buy” rating and issued a $55.00 price target on shares of CervoMed in a research note on Thursday. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $65.00 price target on shares of CervoMed in a research note on Thursday, July 25th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, CervoMed presently has a consensus rating of “Buy” and an average 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.