Short Interest in CervoMed Inc. (NASDAQ:CRVO) Rises By 92.8%

CervoMed Inc. (NASDAQ:CRVO) was the recipient of a significant increase in short interest in June. As of June 30th, there was short interest totalling 350,700 shares, an increase of 92.8% from the June 15th total of 181,900 shares. Based on an average daily volume of 50,000 shares, the short-interest ratio is currently 7.0 days. Approximately 6.6% of the company’s stock are short sold.

Institutional Investors Weigh In On CervoMed

Hedge funds and other institutional investors have recently made changes to their positions in the company. RA Capital Management L.P. acquired a new position in shares of CervoMed in the first quarter worth about $20,075,000. Ikarian Capital LLC purchased a new stake in shares of CervoMed in the first quarter valued at approximately $5,530,000. Crown Advisors Management Inc. purchased a new position in shares of CervoMed during the 1st quarter valued at approximately $2,330,000. Finally, CWM LLC purchased a new stake in CervoMed in the 4th quarter worth $292,000. Institutional investors and hedge funds own 25.15% of the company’s stock.

CervoMed Stock Up 0.1 %

Shares of CRVO stock traded up $0.01 during mid-day trading on Friday, reaching $15.94. The stock had a trading volume of 50,651 shares, compared to its average volume of 38,683. CervoMed has a 1-year low of $4.28 and a 1-year high of $26.38. The business’s fifty day moving average is $19.72 and its 200-day moving average is $17.09.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings results on Tuesday, May 14th. The company reported ($0.41) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.46) by $0.05. The business had revenue of $2.35 million for the quarter, compared to analysts’ expectations of $2.00 million. Equities analysts expect that CervoMed will post -1.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

CRVO has been the subject of a number of recent research reports. Brookline Capital Management began coverage on shares of CervoMed in a research note on Monday. They issued a “buy” rating and a $63.00 price objective for the company. Canaccord Genuity Group raised their price objective on CervoMed from $50.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, April 8th.

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.