enVVeno Medical Corporation (NASDAQ:NVNO) Sees Large Decrease in Short Interest

enVVeno Medical Corporation (NASDAQ:NVNO) saw a significant decrease in short interest during the month of August. As of August 31st, there was short interest totaling 8,442 shares, a decrease of 65.4% from the August 15th total of 24,403 shares. Currently, 1.4% of the company’s shares are sold short. Based on an average trading volume of 16,811 shares, the days-to-cover ratio is currently 0.5 days.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on NVNO. Zacks Research raised shares of enVVeno Medical to a “hold” rating in a research note on Tuesday, July 7th. LADENBURG THALM/SH SH upgraded enVVeno Medical from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. Finally, Weiss Ratings lowered enVVeno Medical from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold”.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Jane Street Group LLC bought a new stake in enVVeno Medical during the second quarter worth approximately $51,000. Creative Planning bought a new position in enVVeno Medical during the 2nd quarter valued at $54,000. ACT Capital Management LLC acquired a new position in shares of enVVeno Medical during the 4th quarter valued at $37,000. Geode Capital Management LLC raised its stake in shares of enVVeno Medical by 1.1% in the 2nd quarter. Geode Capital Management LLC now owns 199,509 shares of the company’s stock worth $796,000 after buying an additional 2,211 shares in the last quarter. Finally, Perceptive Advisors LLC acquired a new stake in shares of enVVeno Medical in the second quarter valued at $5,127,000. Institutional investors own 34.71% of the company’s stock.

enVVeno Medical Stock Down 5.7%

NASDAQ:NVNO traded down $0.63 during trading hours on Friday, reaching $10.49. 54,139 shares of the stock were exchanged, compared to its average volume of 19,932. The stock has a market capitalization of $7.24 million, a P/E ratio of -0.54 and a beta of 1.06. The firm has a 50 day simple moving average of $10.87 and a 200-day simple moving average of $10.86. enVVeno Medical has a 52 week low of $8.67 and a 52 week high of $35.70.

enVVeno Medical (NASDAQ:NVNO) last issued its earnings results on Thursday, July 30th. The company reported ($5.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($4.69) by ($0.68). As a group, analysts expect that enVVeno Medical will post -16.19 earnings per share for the current year.

enVVeno Medical Company Profile

enVVeno Medical, Inc is a clinical‐stage medical device company focused on the development and commercialization of subcutaneous vascular access systems for patients requiring repeated or long‐term intravenous therapy. Through its proprietary Freedom® platform, the company aims to offer an implantable alternative to traditional peripherally inserted central catheters (PICCs) and external tunneled catheters, addressing complications such as infection risk, dislodgement and patient discomfort.

The company’s lead product candidate, the Freedom PICC System, consists of a low‐profile, subcutaneous port connected to a flexible catheter designed for peripheral insertion.