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

CervoMed Inc. (NASDAQ:CRVO - Get Free Report) was the recipient of a significant decline in short interest in the month of March. As of March 31st, there was short interest totalling 1,110,000 shares, a decline of 57.8% from the March 15th total of 2,630,000 shares. Based on an average trading volume of 4,450,000 shares, the short-interest ratio is presently 0.2 days. Currently, 19.7% of the shares of the company are sold short.

CervoMed Trading Down 5.3 %

Shares of CRVO traded down $0.52 during mid-day trading on Monday, hitting $9.28. 54,573 shares of the company traded hands, compared to its average volume of 1,305,594. The business has a 50-day moving average of $6.53 and a 200 day moving average of $6.89. CervoMed has a one year low of $1.80 and a one year high of $25.69. The stock has a market capitalization of $80.73 million, a price-to-earnings ratio of -4.59 and a beta of 0.21.

CervoMed (NASDAQ:CRVO - Get Free Report) last released its earnings results on Monday, March 17th. The company reported ($0.80) earnings per share for the quarter, missing analysts' consensus estimates of ($0.67) by ($0.13). The firm had revenue of $2.16 million for the quarter, compared to the consensus estimate of $1.51 million. CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. As a group, analysts anticipate that CervoMed will post -1.88 earnings per share for the current year.

Hedge Funds Weigh In On CervoMed

Large investors have recently bought and sold shares of the business. Rhumbline Advisers lifted its stake in shares of CervoMed by 35.5% in the 1st quarter. Rhumbline Advisers now owns 5,830 shares of the company's stock valued at $53,000 after purchasing an additional 1,526 shares during the period. FMR LLC acquired a new position in CervoMed in the third quarter valued at about $56,000. Barclays PLC boosted its holdings in CervoMed by 323.6% during the third quarter. Barclays PLC now owns 7,748 shares of the company's stock worth $113,000 after buying an additional 5,919 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of CervoMed by 251.8% during the 4th quarter. JPMorgan Chase & Co. now owns 14,464 shares of the company's stock worth $34,000 after buying an additional 10,352 shares during the period. Finally, Virtu Financial LLC bought a new stake in shares of CervoMed in the 4th quarter valued at about $26,000. 25.15% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have commented on the company. Canaccord Genuity Group raised their price objective on CervoMed from $12.00 to $21.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. D. Boral Capital reaffirmed a "buy" rating and issued a $10.00 target price on shares of CervoMed in a research report on Wednesday, March 26th. Roth Mkm boosted their price target on shares of CervoMed from $15.00 to $20.00 and gave the company a "buy" rating in a report on Tuesday, March 18th. Chardan Capital upgraded shares of CervoMed from a "neutral" rating to a "buy" rating and set a $14.00 target price on the stock in a research report on Thursday, March 13th. Finally, Jones Trading raised shares of CervoMed from a "hold" rating to a "buy" rating and set a $15.00 price target for the company in a research report on Thursday, March 13th. One analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, CervoMed presently has an average rating of "Moderate Buy" and a consensus target price of $27.50.

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.