Short Interest in CervoMed Inc. (NASDAQ:CRVO) Expands By 134.9%

CervoMed Inc. (NASDAQ:CRVO) was the recipient of a large increase in short interest in June. As of June 30th, there was short interest totaling 807,562 shares, an increase of 134.9% from the June 15th total of 343,846 shares. Based on an average daily trading volume, of 32,172,225 shares, the days-to-cover ratio is presently 0.0 days. Currently, 9.3% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Roth Capital set a $9.00 target price on CervoMed in a research note on Monday, May 18th. Chardan Capital lifted their price objective on shares of CervoMed from $15.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. D. Boral Capital reiterated a “buy” rating and issued a $31.00 target price on shares of CervoMed in a research note on Wednesday, April 22nd. HC Wainwright reaffirmed a “buy” rating on shares of CervoMed in a report on Wednesday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of CervoMed in a research note on Monday, April 20th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.60.

Insider Activity at CervoMed

In other CervoMed news, Director Joshua S. Boger bought 955,414 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were purchased at an average price of $3.14 per share, for a total transaction of $2,999,999.96. Following the purchase, the director directly owned 1,795,865 shares of the company’s stock, valued at approximately $5,639,016.10. This represents a 113.68% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 35.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CervoMed

A number of institutional investors and hedge funds have recently modified their holdings of the company. Rhumbline Advisers increased its holdings 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 period. State Street Corp increased its holdings in shares of CervoMed by 11.4% in the fourth quarter. State Street Corp now owns 20,527 shares of the company’s stock worth $162,000 after purchasing an additional 2,100 shares during the period. Vanguard Group Inc. increased its holdings in shares of CervoMed by 1.0% in the third quarter. Vanguard Group Inc. now owns 343,463 shares of the company’s stock worth $2,779,000 after purchasing an additional 3,445 shares during the period. Citizens Financial Group Inc. RI raised its position in shares of CervoMed by 23.0% in the fourth quarter. Citizens Financial Group Inc. RI now owns 37,477 shares of the company’s stock worth $296,000 after buying an additional 7,000 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of CervoMed in the fourth quarter worth $81,000. 25.15% of the stock is owned by hedge funds and other institutional investors.

CervoMed Trading Up 3.6%

Shares of CRVO stock traded up $0.11 during trading on Thursday, reaching $3.18. 280,438 shares of the company’s stock traded hands, compared to its average volume of 2,624,888. The company has a market capitalization of $43.01 million, a P/E ratio of -0.96 and a beta of -0.68. The firm’s 50-day moving average is $3.33 and its 200 day moving average is $4.44. CervoMed has a 1 year low of $2.13 and a 1 year high of $13.13.

CervoMed (NASDAQ:CRVO) last posted its earnings results on Friday, May 15th. The company reported ($0.86) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.90) by $0.04. CervoMed had a negative return on equity of 136.08% and a negative net margin of 672.80%. As a group, sell-side analysts predict that CervoMed will post -2.84 earnings per share for the current fiscal year.

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. 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.