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

CervoMed Inc. (NASDAQ:CRVO) was the recipient of a large increase in short interest in the month of February. As of February 27th, there was short interest totaling 296,365 shares, an increase of 17.9% from the February 12th total of 251,455 shares. Approximately 5.0% of the shares of the stock are sold short. Based on an average trading volume of 99,856 shares, the days-to-cover ratio is presently 3.0 days. Based on an average trading volume of 99,856 shares, the days-to-cover ratio is presently 3.0 days. Approximately 5.0% of the shares of the stock are sold short.

Institutional Investors Weigh In On CervoMed

Hedge funds have recently modified their holdings of the company. Rhumbline Advisers grew its position in CervoMed by 35.5% during the 1st quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock worth $53,000 after acquiring an additional 1,526 shares during the last quarter. Marshall Wace LLP bought a new position in CervoMed in the second quarter valued at about $76,000. XTX Topco Ltd bought a new position in CervoMed in the fourth quarter valued at about $81,000. Jane Street Group LLC acquired a new stake in shares of CervoMed during the fourth quarter valued at about $88,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of CervoMed during the third quarter valued at about $91,000. Institutional investors and hedge funds own 25.15% of the company’s stock.

CervoMed Price Performance

CRVO stock opened at $4.53 on Wednesday. The stock has a market cap of $41.94 million, a price-to-earnings ratio of -1.52 and a beta of -0.77. The company has a 50 day simple moving average of $5.36 and a 200 day simple moving average of $7.23. CervoMed has a 1 year low of $3.58 and a 1 year high of $16.94.

CervoMed (NASDAQ:CRVO) last issued its earnings results on Friday, March 13th. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.79) by ($0.09). The company had revenue of $0.01 million during the quarter, compared to analyst estimates of $0.84 million. CervoMed had a negative net margin of 672.80% and a negative return on equity of 96.04%. On average, equities research analysts anticipate that CervoMed will post -1.88 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. D. Boral Capital restated a “buy” rating and issued a $31.00 price target on shares of CervoMed in a research report on Monday. Brookline Capital Acquisition raised shares of CervoMed to a “strong-buy” rating in a research report on Tuesday, February 3rd. Cantor Fitzgerald started coverage on shares of CervoMed in a research note on Thursday, December 18th. They set an “overweight” rating on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of CervoMed in a report on Wednesday, January 21st. Finally, Zacks Research upgraded shares of CervoMed from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.60.

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. The company also develops EIP200 for central nervous system which is in preclinical trials. CervoMed Inc was founded in 2010 and is headquartered in Boston, Massachusetts.