CervoMed Inc. (NASDAQ:CRVO) Short Interest Up 7.6% in October

CervoMed Inc. (NASDAQ:CRVO - Get Free Report) was the target of a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 1,270,000 shares, an increase of 7.6% from the September 30th total of 1,180,000 shares. Currently, 23.7% of the shares of the stock are sold short. Based on an average daily volume of 86,700 shares, the short-interest ratio is currently 14.6 days.

CervoMed Stock Down 6.2 %

Shares of CRVO traded down $0.84 during mid-day trading on Friday, hitting $12.81. The company's stock had a trading volume of 55,224 shares, compared to its average volume of 55,424. The stock's 50-day moving average is $14.95 and its two-hundred day moving average is $17.51. CervoMed has a one year low of $5.85 and a one year high of $26.38.

CervoMed (NASDAQ:CRVO - Get Free Report) last posted its 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). CervoMed had a negative net margin of 52.24% and a negative return on equity of 27.91%. The business had revenue of $3.29 million during the quarter, compared to the consensus estimate of $3.48 million. As a group, sell-side analysts anticipate that CervoMed will post -1.45 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on CRVO shares. Canaccord Genuity Group restated a "buy" rating and issued a $65.00 price target on shares of CervoMed in a research report on Thursday, July 25th. Morgan Stanley initiated coverage on CervoMed in a research report on Friday, July 26th. They set an "overweight" rating and a $35.00 target price on the stock. Brookline Capital Management assumed coverage on CervoMed in a report on Monday, July 8th. They set a "buy" rating and a $63.00 target price for the company. Finally, Chardan Capital initiated coverage on CervoMed in a research note on Wednesday, September 18th. They issued a "buy" rating and a $55.00 price target on the stock. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $53.60.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Fred Alger Management LLC bought a new position in shares of CervoMed in the second quarter valued at about $60,000. Renaissance Technologies LLC raised its stake in shares of CervoMed by 5.2% in the second quarter. Renaissance Technologies LLC now owns 32,333 shares of the company's stock worth $554,000 after acquiring an additional 1,600 shares during the last quarter. Citizens Financial Group Inc. RI bought a new position in shares of CervoMed in the second quarter worth about $461,000. Rhumbline Advisers bought a new stake in shares of CervoMed during the second quarter valued at approximately $96,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of CervoMed in the second quarter valued at approximately $236,000. 25.15% of the stock is owned by institutional investors and hedge funds.

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.