Short Interest in CervoMed Inc. (NASDAQ:CRVO) Expands By 5.9%

CervoMed Inc. (NASDAQ:CRVO) was the recipient of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 1,070,000 shares, an increase of 5.9% from the August 15th total of 1,010,000 shares. Approximately 20.0% of the shares of the company are sold short. Based on an average daily volume of 85,400 shares, the days-to-cover ratio is presently 12.5 days.

CervoMed Trading Down 2.1 %

Shares of CervoMed stock traded down $0.34 during trading on Wednesday, reaching $15.80. The company’s stock had a trading volume of 65,057 shares, compared to its average volume of 50,318. The business’s 50-day moving average price is $15.53 and its 200-day moving average price is $18.90. CervoMed has a 52 week low of $4.28 and a 52 week high of $26.38.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $3.29 million for the quarter, compared to the consensus estimate of $3.48 million. As a group, sell-side analysts forecast that CervoMed will post -1.49 EPS for the current year.

Institutional Investors Weigh In On CervoMed

Several institutional investors and hedge funds have recently bought and sold shares of CRVO. RA Capital Management L.P. bought a new stake in CervoMed during the first quarter worth about $20,075,000. Ikarian Capital LLC bought a new stake in CervoMed during the first quarter worth about $5,530,000. Crown Advisors Management Inc. bought a new stake in CervoMed during the first quarter worth about $2,330,000. Citizens Financial Group Inc. RI bought a new stake in CervoMed during the second quarter worth about $461,000. Finally, Bank of New York Mellon Corp acquired a new position in CervoMed during the second quarter worth about $236,000. Institutional investors own 25.15% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.