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

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

CervoMed Trading Up 0.1 %

Shares of CRVO traded up $0.01 during trading hours on Friday, hitting $15.94. The stock had a trading volume of 50,651 shares, compared to its average volume of 38,683. CervoMed has a 12-month low of $4.28 and a 12-month high of $26.38. The company’s fifty day simple moving average is $19.72 and its 200 day simple moving average is $17.09.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings data on Tuesday, May 14th. The company reported ($0.41) EPS for the quarter, topping analysts’ consensus estimates of ($0.46) by $0.05. The firm had revenue of $2.35 million during the quarter, compared to analysts’ expectations of $2.00 million. On average, equities research analysts forecast that CervoMed will post -1.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Brookline Capital Management started coverage on CervoMed in a report on Monday. They issued a “buy” rating and a $63.00 price target for the company. Canaccord Genuity Group boosted their target price on shares of CervoMed from $50.00 to $65.00 and gave the company a “buy” rating in a report on Monday, April 8th.

Institutional Investors Weigh In On CervoMed

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

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.