CervoMed Inc. (NASDAQ:CRVO) Short Interest Up 16.5% in October

CervoMed Inc. (NASDAQ:CRVO) saw a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 1,480,000 shares, a growth of 16.5% from the October 15th total of 1,270,000 shares. Currently, 27.7% of the company’s shares are short sold. Based on an average daily volume of 81,400 shares, the days-to-cover ratio is presently 18.2 days.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. FMR LLC acquired a new position in CervoMed during the 3rd quarter valued at about $56,000. Fred Alger Management LLC bought a new stake in CervoMed during the 2nd quarter worth approximately $60,000. Rhumbline Advisers purchased a new stake in shares of CervoMed in the second quarter worth approximately $96,000. Barclays PLC lifted its holdings in shares of CervoMed by 323.6% in the third quarter. Barclays PLC now owns 7,748 shares of the company’s stock valued at $113,000 after purchasing an additional 5,919 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of CervoMed during the second quarter valued at approximately $236,000. 25.15% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CRVO has been the subject of several recent analyst reports. Morgan Stanley began coverage on CervoMed in a research note on Friday, July 26th. They set an “overweight” rating and a $35.00 target price for the company. Canaccord Genuity Group restated a “buy” rating and set a $65.00 price target on shares of CervoMed in a report on Thursday, July 25th. Finally, Chardan Capital reiterated a “buy” rating and issued a $55.00 price objective on shares of CervoMed in a research note on Thursday. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, CervoMed presently has an average rating of “Buy” and a consensus target price of $53.60.

CervoMed Stock Down 1.4 %

CRVO stock opened at $10.77 on Friday. CervoMed has a fifty-two week low of $5.85 and a fifty-two week high of $26.38. The stock’s 50 day simple moving average is $13.99 and its 200 day simple moving average is $16.66.

CervoMed (NASDAQ:CRVO) last issued its earnings results on Tuesday, November 12th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.14). The firm had revenue of $1.94 million during the quarter, compared to the consensus estimate of $1.75 million. CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. On average, sell-side analysts expect that CervoMed will post -1.45 earnings per share 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.