BioVie Inc. (NASDAQ:BIVI) Sees Large Drop in Short Interest

BioVie Inc. (NASDAQ:BIVI) was the target of a large drop in short interest during the month of September. As of September 15th, there was short interest totalling 139,800 shares, a drop of 8.3% from the August 31st total of 152,400 shares. Approximately 3.7% of the company’s shares are short sold. Based on an average trading volume of 147,700 shares, the short-interest ratio is currently 0.9 days.

Institutional Investors Weigh In On BioVie

A hedge fund recently bought a new stake in BioVie stock. CVI Holdings LLC bought a new stake in shares of BioVie Inc. (NASDAQ:BIVI) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 599,897 shares of the company’s stock, valued at approximately $317,000. CVI Holdings LLC owned approximately 1.50% of BioVie at the end of the most recent quarter. 4.59% of the stock is currently owned by institutional investors.

BioVie Stock Up 8.1 %

Shares of BIVI traded up $0.09 during trading hours on Friday, reaching $1.20. 268,470 shares of the company traded hands, compared to its average volume of 158,932. The company’s fifty day moving average price is $2.03 and its two-hundred day moving average price is $0.74. The company has a market capitalization of $73.40 million, a price-to-earnings ratio of -1.28 and a beta of 0.71. BioVie has a 12 month low of $1.04 and a 12 month high of $58.20.

Analyst Upgrades and Downgrades

Separately, ThinkEquity initiated coverage on shares of BioVie in a report on Monday, July 1st. They issued a “buy” rating and a $0.30 price target on the stock.

About BioVie

BioVie Inc, a clinical stage biopharmaceutical company, engages in the discovery, development, and commercialization of drugs for the treatment of chronic debilitating conditions in the United States. Its products pipeline includes BIV201, which completed Phase IIa clinical trial for the treatment of ascites caused due to chronic liver cirrhosis; and NE3107, a potentially selective inhibitor of inflammatory extracellular single-regulated kinase, which is in Phase III clinical trial for the treatment of patients with mild to moderate Alzheimer's disease, as well as Phase 2 clinical trial for the treatment of Parkinson's disease.