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

CervoMed Inc. (NASDAQ:CRVO) was the target of a large increase in short interest in the month of 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. Approximately 9.3% of the company’s shares are short sold. Based on an average daily volume of 32,172,225 shares, the days-to-cover ratio is presently 0.0 days.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In related news, Director Joshua S. Boger acquired 955,414 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was acquired at an average cost of $3.14 per share, for a total transaction of $2,999,999.96. Following the acquisition, the director owned 1,795,865 shares of the company’s stock, valued at $5,639,016.10. This trade represents a 113.68% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 35.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. raised its position in CervoMed by 8,425,900.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 84,260 shares of the company’s stock worth $666,000 after buying an additional 84,259 shares during the last quarter. Jane Street Group LLC bought a new position in CervoMed during the 2nd quarter valued at about $414,000. Renaissance Technologies LLC purchased a new stake in shares of CervoMed during the 1st quarter valued at about $252,000. Byrne Asset Management LLC boosted its holdings in shares of CervoMed by 248.6% during the 2nd quarter. Byrne Asset Management LLC now owns 51,250 shares of the company’s stock valued at $159,000 after acquiring an additional 36,550 shares during the last quarter. Finally, Citadel Advisors LLC bought a new stake in shares of CervoMed in the third quarter worth approximately $247,000. Institutional investors own 25.15% of the company’s stock.

CervoMed Stock Down 3.5%

Shares of NASDAQ:CRVO traded down $0.11 on Wednesday, hitting $2.97. 1,256,282 shares of the company traded hands, compared to its average volume of 2,635,392. The stock has a 50 day simple moving average of $3.34 and a 200-day simple moving average of $4.48. The company has a market cap of $40.22 million, a PE ratio of -0.90 and a beta of -0.68. CervoMed has a 52 week low of $2.13 and a 52 week high of $13.13.

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