CervoMed Inc. (NASDAQ:CRVO – Get Free Report) 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.
Check Out Our Latest Stock Analysis on CervoMed
CervoMed Stock Down 6.4 %
CervoMed (NASDAQ:CRVO – Get Free Report) 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.
Further Reading
- Five stocks we like better than CervoMed
- How to Know Which Cryptocurrency to Buy: A Guide for Investors
- Why Lennar Stock Could Be the Best Play in the Housing Market
- How to Invest in the Best Canadian Stocks
- 2 Energy Stocks Fueling the AI Datacenter Boom
- High Dividend REITs: Are They an Ideal Way to Diversify?
- Will Marinus Pharmaceuticals Be the Next Big Winner in Biotech?
Receive News & Ratings for CervoMed Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CervoMed and related companies with MarketBeat.com's FREE daily email newsletter.