CervoMed Inc. (NASDAQ:CRVO) Short Interest Update

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

CervoMed Trading Down 5.2 %

Shares of NASDAQ CRVO traded down $0.71 during midday trading on Friday, reaching $12.94. 24,953 shares of the stock were exchanged, compared to its average volume of 55,287. CervoMed has a 12 month low of $5.85 and a 12 month high of $26.38. The business has a 50-day simple moving average of $14.95 and a two-hundred day simple moving average of $17.51.

CervoMed (NASDAQ:CRVO) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.03). CervoMed had a negative return on equity of 27.91% and a negative net margin of 52.24%. The company had revenue of $3.29 million for the quarter, compared to analyst estimates of $3.48 million. Equities research analysts predict that CervoMed will post -1.45 EPS for the current year.

Wall Street Analyst Weigh In

CRVO has been the topic of a number of recent research reports. Morgan Stanley assumed coverage on shares of CervoMed in a research note on Friday, July 26th. They issued an “overweight” rating and a $35.00 price objective on the stock. Chardan Capital assumed coverage on shares of CervoMed in a research report on Wednesday, September 18th. They set a “buy” rating and a $55.00 price target on the stock. Canaccord Genuity Group reissued a “buy” rating and set a $65.00 price target on shares of CervoMed in a research report on Thursday, July 25th. Finally, Brookline Capital Management assumed coverage on shares of CervoMed in a research report on Monday, July 8th. They set a “buy” rating and a $63.00 price target on the stock. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $53.60.

Institutional Investors Weigh In On CervoMed

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Citizens Financial Group Inc. RI acquired a new stake in shares of CervoMed during the second quarter worth $461,000. Renaissance Technologies LLC increased its stake in CervoMed by 5.2% in the 2nd quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock valued at $554,000 after buying an additional 1,600 shares during the last quarter. Rhumbline Advisers acquired a new stake in CervoMed in the 2nd quarter valued at $96,000. Ikarian Capital LLC acquired a new stake in CervoMed in the 1st quarter valued at $5,530,000. Finally, Bank of New York Mellon Corp acquired a new stake in CervoMed in the 2nd quarter valued at $236,000. 25.15% of the stock is currently owned by institutional investors and hedge funds.

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.