CervoMed Inc. (NASDAQ:CRVO) Short Interest Update

CervoMed Inc. (NASDAQ:CRVO) was the recipient of a significant growth in short interest in October. As of October 15th, there was short interest totalling 1,270,000 shares, a growth of 7.6% from the September 30th total of 1,180,000 shares. Approximately 23.7% of the company’s stock are short sold. Based on an average trading volume of 86,700 shares, the days-to-cover ratio is currently 14.6 days.

CervoMed Price Performance

Shares of NASDAQ CRVO traded down $0.71 during midday trading on Friday, hitting $12.94. 24,953 shares of the company’s stock were exchanged, compared to its average volume of 55,287. The firm’s fifty day simple moving average is $14.95 and its 200-day simple moving average is $17.51. CervoMed has a twelve month low of $5.85 and a twelve month high of $26.38.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings results 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 business had revenue of $3.29 million during the quarter, compared to analysts’ expectations 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 research analysts forecast that CervoMed will post -1.45 EPS for the current fiscal year.

Hedge Funds Weigh In On CervoMed

Several institutional investors have recently added to or reduced their stakes in CRVO. Fred Alger Management LLC purchased a new stake in shares of CervoMed in the second quarter worth about $60,000. Renaissance Technologies LLC lifted its stake in shares of CervoMed by 5.2% in the second quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock worth $554,000 after acquiring an additional 1,600 shares in the last quarter. Citizens Financial Group Inc. RI acquired a new position in shares of CervoMed in the second quarter worth about $461,000. Rhumbline Advisers acquired a new stake in CervoMed during the second quarter valued at approximately $96,000. Finally, Bank of New York Mellon Corp acquired a new stake in CervoMed during the second quarter valued at approximately $236,000. 25.15% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

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.