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

CervoMed Inc. (NASDAQ:CRVO) saw a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 1,070,000 shares, an increase of 5.9% from the August 15th total of 1,010,000 shares. Based on an average daily trading volume, of 85,400 shares, the days-to-cover ratio is presently 12.5 days. Approximately 20.0% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Morgan Stanley began coverage on shares of CervoMed in a research report on Friday, July 26th. They issued an “overweight” rating and a $35.00 target price for the company. Brookline Capital Management started coverage on shares of CervoMed in a research note on Monday, July 8th. They issued a “buy” rating and a $63.00 price objective on the stock. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $65.00 target price on shares of CervoMed in a research report on Thursday, July 25th.

Institutional Trading of CervoMed

Institutional investors have recently made changes to their positions in the company. RA Capital Management L.P. bought a new position in CervoMed during the first quarter valued at about $20,075,000. Ikarian Capital LLC bought a new position in CervoMed during the first quarter worth about $5,530,000. Crown Advisors Management Inc. bought a new position in CervoMed during the first quarter worth about $2,330,000. Citizens Financial Group Inc. RI bought a new position in CervoMed during the second quarter worth about $461,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of CervoMed in the second quarter worth about $236,000. Institutional investors own 25.15% of the company’s stock.

CervoMed Stock Performance

CRVO traded down $0.05 during trading on Tuesday, hitting $16.14. 50,230 shares of the company’s stock were exchanged, compared to its average volume of 50,236. The business’s 50 day moving average is $15.52 and its two-hundred day moving average is $18.92. CervoMed has a fifty-two week low of $4.28 and a fifty-two week high of $26.38.

CervoMed (NASDAQ:CRVO) last posted its earnings results on Monday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.03). CervoMed had a negative return on equity of 27.91% and a negative net margin of 52.24%. The firm had revenue of $3.29 million during the quarter, compared to the consensus estimate of $3.48 million. On average, analysts expect that CervoMed will post -1.49 EPS 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.