CervoMed Inc. (NASDAQ:CRVO) Short Interest Update

CervoMed Inc. (NASDAQ:CRVO) was the target of a large growth in short interest in May. As of May 31st, there was short interest totalling 167,700 shares, a growth of 32.6% from the May 15th total of 126,500 shares. Based on an average daily volume of 26,400 shares, the days-to-cover ratio is currently 6.4 days. Approximately 3.1% of the shares of the stock are sold short.

CervoMed Stock Performance

Shares of NASDAQ:CRVO traded down $0.75 during mid-day trading on Friday, reaching $19.01. 30,258 shares of the company were exchanged, compared to its average volume of 32,034. CervoMed has a 1 year low of $4.14 and a 1 year high of $26.38. The firm’s 50-day simple moving average is $22.31 and its 200 day simple moving average is $16.01.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings results on Tuesday, May 14th. The company reported ($0.41) EPS for the quarter, topping the consensus estimate of ($0.46) by $0.05. The firm had revenue of $2.35 million for the quarter, compared to analysts’ expectations of $2.00 million. Equities research analysts forecast that CervoMed will post -1.34 EPS for the current year.

Hedge Funds Weigh In On CervoMed

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRVO. CWM LLC acquired a new stake in shares of CervoMed in the fourth quarter valued at $292,000. Rock Springs Capital Management LP acquired a new position in shares of CervoMed in the 3rd quarter valued at $370,000. Crown Advisors Management Inc. purchased a new position in shares of CervoMed during the first quarter worth about $2,330,000. Adage Capital Partners GP L.L.C. acquired a new position in CervoMed during the third quarter worth approximately $921,000. Finally, Ikarian Capital LLC acquired a new stake in CervoMed during the 1st quarter worth $5,530,000. Hedge funds and other institutional investors own 25.15% of the company’s stock.

Analyst Ratings Changes

Separately, Canaccord Genuity Group upped their price objective on CervoMed from $50.00 to $65.00 and gave the company a “buy” rating in a report on Monday, April 8th.

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.