Short Interest in ClearPoint Neuro, Inc. (NASDAQ:CLPT) Drops By 22.1%

ClearPoint Neuro, Inc. (NASDAQ:CLPT) was the recipient of a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 653,400 shares, a drop of 22.1% from the January 15th total of 838,600 shares. Based on an average daily volume of 235,700 shares, the days-to-cover ratio is currently 2.8 days.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. B. Riley upped their target price on ClearPoint Neuro from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Lake Street Capital increased their price objective on ClearPoint Neuro from $17.00 to $30.00 and gave the company a “buy” rating in a report on Tuesday, January 21st.

ClearPoint Neuro Trading Down 0.3 %

CLPT stock traded down $0.06 during trading on Monday, reaching $18.32. 121,954 shares of the stock were exchanged, compared to its average volume of 215,278. The business has a 50 day moving average price of $16.42 and a 200-day moving average price of $13.28. ClearPoint Neuro has a 1 year low of $5.11 and a 1 year high of $19.22. The firm has a market capitalization of $505.27 million, a price-to-earnings ratio of -26.55 and a beta of 1.03.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CLPT. Oppenheimer & Co. Inc. purchased a new position in shares of ClearPoint Neuro during the 3rd quarter worth approximately $156,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in ClearPoint Neuro during the third quarter worth $366,000. Pekin Hardy Strauss Inc. purchased a new position in shares of ClearPoint Neuro during the third quarter worth $541,000. Verition Fund Management LLC acquired a new stake in shares of ClearPoint Neuro in the third quarter valued at $123,000. Finally, XTX Topco Ltd raised its holdings in shares of ClearPoint Neuro by 53.0% in the 3rd quarter. XTX Topco Ltd now owns 19,900 shares of the company’s stock valued at $223,000 after buying an additional 6,890 shares during the period. 30.08% of the stock is currently owned by hedge funds and other institutional investors.

About ClearPoint Neuro

ClearPoint Neuro, Inc operates as a medical device company primarily in the United States. It develops and commercializes platforms for performing minimally invasive surgical procedures in the brain under magnetic resonance imaging guided interventions. The company offers ClearPoint system, an integrated system for the insertion of deep brain stimulation electrodes, biopsy needles, and laser catheters, as well as the infusion of pharmaceuticals into the brain.