CervoMed Inc. (NASDAQ:CRVO) Sees Large Growth in Short Interest

CervoMed Inc. (NASDAQ:CRVO - Get Free Report) was the target of a large growth in short interest in October. As of October 31st, there was short interest totalling 1,480,000 shares, a growth of 16.5% from the October 15th total of 1,270,000 shares. Approximately 27.7% of the shares of the company are short sold. Based on an average daily trading volume, of 81,400 shares, the days-to-cover ratio is presently 18.2 days.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Morgan Stanley started coverage on CervoMed in a research report on Friday, July 26th. They issued an "overweight" rating and a $35.00 price target on the stock. Canaccord Genuity Group reiterated a "buy" rating and issued a $65.00 price target on shares of CervoMed in a report on Thursday, July 25th. Finally, Chardan Capital reiterated a "buy" rating and issued a $55.00 price target on shares of CervoMed in a research report on Thursday. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, CervoMed presently has an average rating of "Buy" and a consensus price target of $53.60.

Institutional Investors Weigh In On CervoMed

Hedge funds have recently made changes to their positions in the company. RA Capital Management L.P. bought a new position in shares of CervoMed in the first quarter worth approximately $20,075,000. Ikarian Capital LLC purchased a new stake in shares of CervoMed in the first quarter worth approximately $5,530,000. Citizens Financial Group Inc. RI bought a new stake in CervoMed during the 2nd quarter valued at about $461,000. State Street Corp raised its holdings in shares of CervoMed by 28.1% in the third quarter. State Street Corp now owns 104,456 shares of the company's stock valued at $1,525,000 after acquiring an additional 22,903 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in CervoMed by 13.9% during the third quarter. Geode Capital Management LLC now owns 114,934 shares of the company's stock worth $1,678,000 after buying an additional 14,042 shares during the period. 25.15% of the stock is currently owned by institutional investors.

CervoMed Price Performance

Shares of NASDAQ CRVO traded down $0.15 during trading on Friday, hitting $10.77. 67,468 shares of the company traded hands, compared to its average volume of 56,523. CervoMed has a fifty-two week low of $5.85 and a fifty-two week high of $26.38. The business's fifty day moving average is $13.92 and its 200 day moving average is $16.56.

CervoMed (NASDAQ:CRVO - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.55) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.14). The business had revenue of $1.94 million during the quarter, compared to the consensus estimate of $1.75 million. CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. Equities research analysts anticipate that CervoMed will post -1.45 earnings per share for the current fiscal year.

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.