NervGen Pharma (NASDAQ:NGEN) Sees Significant Increase in Short Interest

NervGen Pharma (NASDAQ:NGEN) was the target of a significant growth in short interest in the month of May. As of May 29th, there was short interest totaling 3,085,310 shares, a growth of 97.4% from the May 14th total of 1,563,015 shares. Currently, 3.8% of the company’s stock are sold short. Based on an average daily trading volume, of 2,424,478 shares, the days-to-cover ratio is currently 1.3 days.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on NGEN. Stifel Nicolaus raised shares of NervGen Pharma to a “strong-buy” rating in a research report on Thursday, April 23rd. Zacks Research upgraded shares of NervGen Pharma to a “hold” rating in a report on Wednesday, April 29th. Weiss Ratings started coverage on shares of NervGen Pharma in a research note on Friday, April 24th. They set a “sell (d-)” rating for the company. Wall Street Zen raised NervGen Pharma from a “sell” rating to a “hold” rating in a research report on Friday, May 29th. Finally, HC Wainwright upgraded NervGen Pharma to a “strong-buy” rating in a research note on Tuesday, April 28th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.00.

NervGen Pharma Stock Up 7.5%

NGEN stock traded up $0.14 during midday trading on Tuesday, reaching $2.00. 794,334 shares of the company’s stock traded hands, compared to its average volume of 429,682. NervGen Pharma has a 52-week low of $1.70 and a 52-week high of $6.30.

NervGen Pharma (NASDAQ:NGEN) last issued its quarterly earnings results on Friday, May 15th. The company reported $999.00 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $999.07.

NervGen Pharma Company Profile

NervGen Pharma Corp. is a clinical-stage biotechnology company focused on developing therapies to promote nerve repair and restore neurological function following injury or disease. The company advances regenerative approaches intended to address damage in the central and peripheral nervous systems, pursuing programs that aim to translate preclinical repair concepts into human treatments.

The company’s lead investigational candidate is NVG-291, which is being evaluated in clinical studies for indications that include spinal cord injury, neuropathic conditions and neurodegenerative disease settings.