enVVeno Medical Corporation (NASDAQ:NVNO) Short Interest Down 65.4% in August

enVVeno Medical Corporation (NASDAQ:NVNO) saw a significant drop in short interest in the month of August. As of August 31st, there was short interest totaling 8,442 shares, a drop of 65.4% from the August 15th total of 24,403 shares. Based on an average daily volume of 16,811 shares, the short-interest ratio is currently 0.5 days. Currently, 1.4% of the shares of the stock are short sold.

enVVeno Medical Price Performance

Shares of NVNO opened at $10.49 on Friday. The company has a market cap of $7.24 million, a PE ratio of -0.54 and a beta of 1.06. enVVeno Medical has a one year low of $8.67 and a one year high of $35.70. The stock has a 50-day moving average of $10.87 and a 200-day moving average of $10.86.

enVVeno Medical (NASDAQ:NVNO) last issued its earnings results on Thursday, July 30th. The company reported ($5.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($4.69) by ($0.68). Analysts expect that enVVeno Medical will post -16.19 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Zacks Research raised shares of enVVeno Medical to a “hold” rating in a research note on Tuesday, July 7th. LADENBURG THALM/SH SH raised enVVeno Medical from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 6th. Finally, Weiss Ratings cut enVVeno Medical from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold”.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Perceptive Advisors LLC bought a new stake in enVVeno Medical in the 2nd quarter valued at about $5,127,000. Geode Capital Management LLC raised its position in enVVeno Medical by 1.1% during the second quarter. Geode Capital Management LLC now owns 199,509 shares of the company’s stock valued at $796,000 after purchasing an additional 2,211 shares in the last quarter. Jane Street Group LLC raised its holdings in shares of enVVeno Medical by 149.2% during the 4th quarter. Jane Street Group LLC now owns 178,855 shares of the company’s stock valued at $57,000 after buying an additional 107,084 shares in the last quarter. ACT Capital Management LLC bought a new position in enVVeno Medical during the fourth quarter valued at approximately $37,000. Finally, Creative Planning purchased a new stake in shares of enVVeno Medical in the 2nd quarter valued at $54,000. Hedge funds and other institutional investors own 34.71% of the company’s stock.

About enVVeno Medical

enVVeno Medical, Inc is a clinical‐stage medical device company focused on the development and commercialization of subcutaneous vascular access systems for patients requiring repeated or long‐term intravenous therapy. Through its proprietary Freedom® platform, the company aims to offer an implantable alternative to traditional peripherally inserted central catheters (PICCs) and external tunneled catheters, addressing complications such as infection risk, dislodgement and patient discomfort.

The company’s lead product candidate, the Freedom PICC System, consists of a low‐profile, subcutaneous port connected to a flexible catheter designed for peripheral insertion.