CervoMed Inc. (NASDAQ:CRVO) Sees Significant Increase in Short Interest

CervoMed Inc. (NASDAQ:CRVO) was the target of a significant increase in short interest in September. As of September 15th, there was short interest totalling 1,150,000 shares, an increase of 7.5% from the August 31st total of 1,070,000 shares. Based on an average daily volume of 90,700 shares, the short-interest ratio is presently 12.7 days. Approximately 21.5% of the company’s stock are short sold.

Analysts Set New Price Targets

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

CervoMed Stock Down 6.4 %

NASDAQ:CRVO traded down $0.94 during mid-day trading on Tuesday, reaching $13.66. The stock had a trading volume of 60,417 shares, compared to its average volume of 52,524. CervoMed has a 1-year low of $4.61 and a 1-year high of $26.38. The stock’s 50 day simple moving average is $15.30 and its two-hundred day simple moving average is $18.90.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CRVO. Fred Alger Management LLC acquired a new stake in CervoMed during the second quarter worth about $60,000. Rhumbline Advisers acquired a new stake in shares of CervoMed during the 2nd quarter worth approximately $96,000. Bank of New York Mellon Corp acquired a new stake in shares of CervoMed during the 2nd quarter worth approximately $236,000. Citizens Financial Group Inc. RI bought a new stake in shares of CervoMed in the 2nd quarter worth approximately $461,000. Finally, Renaissance Technologies LLC grew its stake in CervoMed by 5.2% during the 2nd quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock worth $554,000 after buying an additional 1,600 shares during the last quarter. 25.15% of the stock is currently owned by institutional investors.

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.