CervoMed Inc. (NASDAQ:CRVO) Short Interest Up 14.8% in July

CervoMed Inc. (NASDAQ:CRVO) was the target of a large growth in short interest in the month of July. As of July 31st, there was short interest totalling 690,700 shares, a growth of 14.8% from the July 15th total of 601,700 shares. Based on an average daily volume of 70,300 shares, the days-to-cover ratio is presently 9.8 days. Approximately 12.9% of the company’s stock are sold short.

CervoMed Stock Performance

NASDAQ CRVO traded up $1.22 on Friday, hitting $18.26. 93,944 shares of the stock were exchanged, compared to its average volume of 87,513. The business’s fifty day moving average is $16.25 and its 200 day moving average is $18.34. CervoMed has a 52 week low of $4.28 and a 52 week high of $26.38.

CervoMed (NASDAQ:CRVO) last issued its earnings results on Monday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.03). CervoMed had a negative net margin of 52.24% and a negative return on equity of 27.91%. The firm had revenue of $3.29 million during the quarter, compared to the consensus estimate of $3.48 million. As a group, research analysts anticipate that CervoMed will post -1.49 EPS for the current year.

Wall Street Analyst Weigh In

CRVO has been the subject of several research analyst reports. Morgan Stanley assumed coverage on shares of CervoMed in a report on Friday, July 26th. They issued an “overweight” rating and a $35.00 price target for the company. Brookline Capital Management began coverage on shares of CervoMed in a research note on Monday, July 8th. They issued a “buy” rating and a $63.00 target price for the company. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $65.00 price target on shares of CervoMed in a research note on Thursday, July 25th.

Institutional Trading of CervoMed

Several institutional investors and hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC lifted its stake in shares of CervoMed by 5.2% during the 2nd quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock worth $554,000 after buying an additional 1,600 shares during the last quarter. Fred Alger Management LLC bought a new position in CervoMed in the 2nd quarter valued at about $60,000. Rhumbline Advisers bought a new position in CervoMed during the 2nd quarter worth $96,000. Bank of New York Mellon Corp acquired a new stake in shares of CervoMed during the second quarter worth $236,000. Finally, Citizens Financial Group Inc. RI bought a new stake in shares of CervoMed in the second quarter valued at about $461,000. Institutional investors own 25.15% of the company’s stock.

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.