CervoMed Inc. (NASDAQ:CRVO) Short Interest Update

CervoMed Inc. (NASDAQ:CRVO) saw a significant increase in short interest in March. As of March 15th, there was short interest totalling 2,630,000 shares, an increase of 190.7% from the February 28th total of 904,700 shares. Approximately 46.6% of the shares of the stock are sold short. Based on an average daily volume of 4,280,000 shares, the days-to-cover ratio is currently 0.6 days.

Institutional Trading of CervoMed

A number of institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC increased its stake in CervoMed by 13.9% during the 3rd quarter. Geode Capital Management LLC now owns 114,934 shares of the company’s stock valued at $1,678,000 after purchasing an additional 14,042 shares in the last quarter. State Street Corp raised its stake in CervoMed by 28.1% in the 3rd quarter. State Street Corp now owns 104,456 shares of the company’s stock worth $1,525,000 after acquiring an additional 22,903 shares during the last quarter. Woodline Partners LP acquired a new stake in CervoMed during the 4th quarter worth about $175,000. Perigon Wealth Management LLC purchased a new stake in CervoMed during the 4th quarter valued at about $147,000. Finally, Nuveen Asset Management LLC increased its holdings in shares of CervoMed by 113.6% in the fourth quarter. Nuveen Asset Management LLC now owns 41,569 shares of the company’s stock valued at $97,000 after purchasing an additional 22,104 shares during the period. 25.15% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRVO has been the subject of a number of recent research reports. D. Boral Capital reissued a “buy” rating and issued a $10.00 price objective on shares of CervoMed in a research note on Wednesday. Roth Capital raised CervoMed to a “strong-buy” rating in a research note on Thursday, December 5th. Canaccord Genuity Group raised their price objective on CervoMed from $12.00 to $21.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. Brookline Capital Management upgraded CervoMed from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 11th. Finally, HC Wainwright downgraded shares of CervoMed from a “buy” rating to a “neutral” rating in a research note on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $27.50.

CervoMed Trading Up 8.2 %

Shares of CRVO traded up $0.63 during trading hours on Thursday, hitting $8.34. The company had a trading volume of 602,646 shares, compared to its average volume of 1,235,533. The company has a market capitalization of $72.58 million, a PE ratio of -4.11 and a beta of 1.84. The company’s fifty day moving average price is $3.72 and its two-hundred day moving average price is $7.68. CervoMed has a one year low of $1.80 and a one year high of $25.92.

CervoMed (NASDAQ:CRVO) last issued its quarterly earnings data on Monday, March 17th. The company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.67) by ($0.13). CervoMed had a negative net margin of 118.68% and a negative return on equity of 44.11%. The business had revenue of $2.16 million for the quarter, compared to analysts’ expectations of $1.51 million. Analysts forecast that CervoMed will post -1.88 earnings per share for the current year.

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.