CervoMed Inc. (NASDAQ:CRVO) Short Interest Update

CervoMed Inc. (NASDAQ:CRVO - Get Free Report) was the target of a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 2,630,000 shares, a growth of 190.7% from the February 28th total of 904,700 shares. Based on an average daily trading volume, of 4,280,000 shares, the days-to-cover ratio is currently 0.6 days. Currently, 46.6% of the shares of the stock are short sold.

CervoMed Trading Down 7.0 %

CRVO traded down $0.67 during midday trading on Monday, hitting $8.82. The company's stock had a trading volume of 427,195 shares, compared to its average volume of 1,257,089. The firm has a market cap of $76.72 million, a P/E ratio of -4.33 and a beta of 1.84. CervoMed has a 52-week low of $1.80 and a 52-week high of $25.92. The firm has a 50-day moving average price of $4.00 and a two-hundred day moving average price of $7.53.

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

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Hedge Funds Weigh In On CervoMed

Several hedge funds and other institutional investors have recently made changes to their positions in CRVO. Virtu Financial LLC acquired a new stake in shares of CervoMed in the fourth quarter valued at about $26,000. DRW Securities LLC bought a new position in CervoMed during the 4th quarter valued at $30,000. Mariner LLC acquired a new position in CervoMed during the 4th quarter worth $30,000. BNP Paribas Financial Markets bought a new stake in shares of CervoMed in the 4th quarter worth about $32,000. Finally, JPMorgan Chase & Co. raised its stake in shares of CervoMed by 251.8% in the 4th quarter. JPMorgan Chase & Co. now owns 14,464 shares of the company's stock valued at $34,000 after purchasing an additional 10,352 shares in the last quarter. Institutional investors and hedge funds own 25.15% of the company's stock.

Analyst Ratings Changes

CRVO has been the topic of a number of research reports. Roth Mkm increased their price objective on shares of CervoMed from $15.00 to $20.00 and gave the company a "buy" rating in a research note on Tuesday, March 18th. D. Boral Capital restated a "buy" rating and set a $10.00 price objective on shares of CervoMed in a research report on Wednesday, March 26th. Morgan Stanley reaffirmed an "underweight" rating on shares of CervoMed in a research note on Wednesday, December 11th. Chardan Capital raised CervoMed from a "neutral" rating to a "buy" rating and set a $14.00 price target for the company in a report on Thursday, March 13th. Finally, Canaccord Genuity Group upped their price objective on CervoMed from $12.00 to $21.00 and gave the company a "buy" rating in a research report on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average 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.