Short Interest in Vivani Medical, Inc. (NASDAQ:VANI) Drops By 29.6%

Vivani Medical, Inc. (NASDAQ:VANI - Get Free Report) was the recipient of a large decline in short interest in November. As of November 15th, there was short interest totalling 531,000 shares, a decline of 29.6% from the October 31st total of 754,400 shares. Based on an average trading volume of 100,300 shares, the short-interest ratio is currently 5.3 days. Approximately 1.9% of the company's stock are short sold.

Wall Street Analyst Weigh In

Separately, HC Wainwright began coverage on Vivani Medical in a research note on Thursday, November 7th. They set a "buy" rating and a $3.00 target price for the company.

Vivani Medical Trading Down 0.7 %

VANI stock traded down $0.01 during midday trading on Friday, hitting $1.44. 102,567 shares of the company's stock were exchanged, compared to its average volume of 986,651. Vivani Medical has a 12-month low of $0.84 and a 12-month high of $7.80. The stock has a market capitalization of $85.30 million, a price-to-earnings ratio of -3.20 and a beta of 3.20. The firm has a 50 day moving average price of $1.26 and a 200-day moving average price of $1.34.

Insider Buying and Selling

In other news, Director Gregg Williams purchased 3,968,253 shares of the company's stock in a transaction that occurred on Friday, November 8th. The shares were purchased at an average price of $1.26 per share, with a total value of $4,999,998.78. Following the purchase, the director now directly owns 4,695,861 shares of the company's stock, valued at approximately $5,916,784.86. This represents a 545.38 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last ninety days, insiders have purchased 3,969,753 shares of company stock valued at $5,001,704. Corporate insiders own 44.30% of the company's stock.

Institutional Trading of Vivani Medical

An institutional investor recently raised its position in Vivani Medical stock. Geode Capital Management LLC lifted its position in Vivani Medical, Inc. (NASDAQ:VANI - Free Report) by 4.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 342,891 shares of the company's stock after acquiring an additional 15,008 shares during the period. Geode Capital Management LLC owned about 0.62% of Vivani Medical worth $401,000 as of its most recent SEC filing. Institutional investors and hedge funds own 6.78% of the company's stock.

About Vivani Medical

Vivani Medical, Inc, a clinical stage company, develops various implants that treat chronic diseases with high unmet medical need. It engages in developing a portfolio of miniature drug implants to deliver minimally fluctuating drug profiles; and implantable visual prostheses devices to deliver useful artificial vision to blind individuals.