Vivani Medical, Inc. (NASDAQ:VANI) Sees Significant Drop in Short Interest

Vivani Medical, Inc. (NASDAQ:VANI) saw a significant decrease in short interest during the month of December. As of December 31st, there was short interest totalling 358,000 shares, a decrease of 23.0% from the December 15th total of 465,200 shares. Based on an average daily volume of 121,200 shares, the days-to-cover ratio is presently 3.0 days. Approximately 1.2% of the shares of the company are short sold.

Vivani Medical Stock Performance

Shares of VANI stock traded up $0.01 during mid-day trading on Thursday, hitting $1.21. 7,462 shares of the stock traded hands, compared to its average volume of 100,888. The firm has a market cap of $71.38 million, a price-to-earnings ratio of -2.68 and a beta of 3.23. The company’s 50-day simple moving average is $1.28 and its 200-day simple moving average is $1.26. Vivani Medical has a twelve month low of $1.01 and a twelve month high of $7.80.

Wall Street Analyst Weigh In

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

Insider Activity

In other Vivani Medical news, Director Gregg Williams bought 3,968,253 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were purchased at an average cost of $1.26 per share, for a total transaction of $4,999,998.78. Following the transaction, the director now directly owns 4,695,861 shares in the company, valued at $5,916,784.86. The trade was a 545.38 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 44.30% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Vivani Medical stock. Geode Capital Management LLC lifted its stake in shares of Vivani Medical, Inc. (NASDAQ:VANI) by 4.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 342,891 shares of the company’s stock after purchasing an additional 15,008 shares during the period. Geode Capital Management LLC owned approximately 0.62% of Vivani Medical worth $401,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 6.78% of the company’s stock.

Vivani Medical Company Profile

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.