CervoMed Inc. (NASDAQ:CRVO) Short Interest Update

CervoMed Inc. (NASDAQ:CRVO) saw a large growth in short interest in the month of October. As of October 15th, there was short interest totalling 1,270,000 shares, a growth of 7.6% from the September 30th total of 1,180,000 shares. Based on an average trading volume of 86,700 shares, the days-to-cover ratio is presently 14.6 days. Currently, 23.7% of the company’s shares are short sold.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. 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. Chardan Capital assumed coverage on CervoMed in a report on Wednesday, September 18th. They set a “buy” rating and a $55.00 target price for the company. Canaccord Genuity Group restated a “buy” rating and set a $65.00 target price on shares of CervoMed in a report on Thursday, July 25th. Finally, Morgan Stanley assumed coverage on CervoMed in a report on Friday, July 26th. They set an “overweight” rating and a $35.00 target price for the company. Five research analysts have rated the stock with a buy rating, According to MarketBeat, CervoMed presently has an average rating of “Buy” and an average price target of $53.60.

Institutional Investors Weigh In On CervoMed

Institutional investors and hedge funds have recently bought and sold shares of the business. RA Capital Management L.P. bought a new position in shares of CervoMed in the 1st quarter worth approximately $20,075,000. Ikarian Capital LLC bought a new position in shares of CervoMed in the 1st quarter worth approximately $5,530,000. Crown Advisors Management Inc. bought a new position in shares of CervoMed in the 1st quarter worth approximately $2,330,000. Citizens Financial Group Inc. RI bought a new position in shares of CervoMed in the 2nd quarter worth approximately $461,000. Finally, Bank of New York Mellon Corp bought a new position in shares of CervoMed in the 2nd quarter worth approximately $236,000. Hedge funds and other institutional investors own 25.15% of the company’s stock.

CervoMed Trading Down 3.1 %

NASDAQ CRVO opened at $13.65 on Friday. CervoMed has a fifty-two week low of $5.85 and a fifty-two week high of $26.38. The stock has a 50 day simple moving average of $14.95 and a two-hundred day simple moving average of $17.51.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.27) earnings per share 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 business had revenue of $3.29 million during the quarter, compared to analysts’ expectations of $3.48 million. On average, sell-side analysts expect that CervoMed will post -1.45 earnings per share for the current year.

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.