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

CervoMed Inc. (NASDAQ:CRVO) saw a large increase in short interest in March. As of March 15th, there was short interest totalling 2,630,000 shares, an increase of 190.7% from the February 28th total of 904,700 shares. Approximately 46.6% of the shares of the company are short sold. Based on an average trading volume of 4,280,000 shares, the days-to-cover ratio is currently 0.6 days.

Hedge Funds Weigh In On CervoMed

Several hedge funds have recently made changes to their positions in CRVO. Virtu Financial LLC acquired a new stake in CervoMed during the fourth quarter valued at approximately $26,000. DRW Securities LLC acquired a new stake in shares of CervoMed during the 4th quarter valued at $30,000. Mariner LLC bought a new stake in shares of CervoMed during the 4th quarter worth $30,000. BNP Paribas Financial Markets bought a new stake in shares of CervoMed during the 4th quarter worth $32,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of CervoMed by 251.8% in the 4th quarter. JPMorgan Chase & Co. now owns 14,464 shares of the company’s stock worth $34,000 after acquiring an additional 10,352 shares during the last quarter. Institutional investors and hedge funds own 25.15% of the company’s stock.

CervoMed Trading Up 11.5 %

NASDAQ:CRVO traded up $0.98 during midday trading on Friday, hitting $9.48. 1,051,172 shares of the stock were exchanged, compared to its average volume of 1,255,527. The company has a market capitalization of $82.50 million, a price-to-earnings ratio of -4.67 and a beta of 1.84. CervoMed has a one year low of $1.80 and a one year high of $25.92. The business has a 50-day moving average price of $3.85 and a two-hundred day moving average price of $7.69.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings data on Monday, March 17th. The company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.13). CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. The firm had revenue of $2.16 million during the quarter, compared to the consensus estimate of $1.51 million. Sell-side analysts forecast that CervoMed will post -1.88 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CRVO has been the topic of several research reports. Roth Capital raised CervoMed to a “strong-buy” rating in a research report on Thursday, December 5th. Chardan Capital upgraded shares of CervoMed from a “neutral” rating to a “buy” rating and set a $14.00 price target on the stock in a research report on Thursday, March 13th. Roth Mkm lifted their price target on shares of CervoMed from $15.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. D. Boral Capital reiterated a “buy” rating and set a $10.00 price objective on shares of CervoMed in a research note on Wednesday. Finally, Morgan Stanley restated an “underweight” rating on shares of CervoMed in a research note on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, CervoMed presently has a consensus rating of “Moderate Buy” and an average price target of $27.50.

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.