CervoMed Inc. (NASDAQ:CRVO) Short Interest Down 57.8% in March

CervoMed Inc. (NASDAQ:CRVO) was the recipient of a significant decrease in short interest during the month of March. As of March 31st, there was short interest totalling 1,110,000 shares, a decrease of 57.8% from the March 15th total of 2,630,000 shares. Based on an average daily trading volume, of 4,450,000 shares, the days-to-cover ratio is currently 0.2 days. Approximately 19.7% of the company’s shares are sold short.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CRVO. Virtu Financial LLC acquired a new position in shares of CervoMed during the fourth quarter valued at about $26,000. DRW Securities LLC acquired a new position in CervoMed during the 4th quarter valued at approximately $30,000. Mariner LLC acquired a new stake in shares of CervoMed during the fourth quarter worth $30,000. BNP Paribas Financial Markets purchased a new stake in shares of CervoMed during the fourth quarter valued at $32,000. Finally, JPMorgan Chase & Co. increased its position in shares of CervoMed by 251.8% in the 4th quarter. JPMorgan Chase & Co. now owns 14,464 shares of the company’s stock valued at $34,000 after acquiring an additional 10,352 shares during the period. 25.15% of the stock is owned by institutional investors and hedge funds.

CervoMed Price Performance

Shares of CRVO stock opened at $9.77 on Wednesday. The company has a market cap of $85.03 million, a P/E ratio of -4.81 and a beta of 0.21. The stock’s 50-day moving average is $6.08 and its 200 day moving average is $7.03. CervoMed has a 1-year low of $1.80 and a 1-year high of $25.69.

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

Wall Street Analyst Weigh In

CRVO has been the subject of a number of recent analyst reports. Brookline Capital Management upgraded CervoMed from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 11th. Canaccord Genuity Group boosted their price objective on shares of CervoMed from $12.00 to $21.00 and gave the company a “buy” rating in a research report on Tuesday, March 18th. HC Wainwright lowered shares of CervoMed from a “buy” rating to a “neutral” rating in a research report on Tuesday, December 17th. Jones Trading upgraded CervoMed from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a report on Thursday, March 13th. Finally, Chardan Capital upgraded CervoMed from a “neutral” rating to a “buy” rating and set a $14.00 price objective on the stock in a report on Thursday, March 13th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, CervoMed presently has a consensus rating of “Moderate Buy” and an average price target of $27.50.

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.