CervoMed Inc. (NASDAQ:CRVO) Short Interest Up 134.9% in June

CervoMed Inc. (NASDAQ:CRVO) saw a significant 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. Currently, 9.3% of the company’s stock are short sold. Based on an average daily trading volume, of 32,172,225 shares, the short-interest ratio is currently 0.0 days.

Wall Street Analyst Weigh In

Several analysts have recently commented on CRVO shares. Roth Capital set a $9.00 price objective on CervoMed in a report on Monday, May 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of CervoMed in a research report on Monday, April 20th. D. Boral Capital reiterated a “buy” rating and issued a $31.00 price target on shares of CervoMed in a research note on Wednesday, April 22nd. HC Wainwright reissued a “buy” rating on shares of CervoMed in a report on Thursday, July 9th. Finally, Chardan Capital boosted their price target on CervoMed from $15.00 to $21.00 and gave the stock a “buy” rating in a research note on Wednesday, March 18th. Six equities research 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’s stock. According to data from MarketBeat.com, CervoMed has an average rating of “Moderate Buy” and an average price target of $22.60.

CervoMed Stock Performance

Shares of CervoMed stock traded down $0.19 during midday trading on Tuesday, reaching $3.12. 594,090 shares of the company’s stock traded hands, compared to its average volume of 2,643,644. CervoMed has a 52 week low of $2.13 and a 52 week high of $13.13. The company’s 50 day simple moving average is $3.36 and its 200 day simple moving average is $4.52. The company has a market cap of $42.25 million, a price-to-earnings ratio of -0.95 and a beta of -0.68.

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

Insider Activity at CervoMed

In other news, Director Joshua S. Boger bought 955,414 shares of the stock in a transaction on Thursday, June 11th. The stock was bought at an average cost of $3.14 per share, for a total transaction of $2,999,999.96. Following the completion of the purchase, the director directly owned 1,795,865 shares in the company, valued at approximately $5,639,016.10. The trade was a 113.68% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 35.80% of the company’s stock.

Hedge Funds Weigh In On CervoMed

A number of large investors have recently added to or reduced their stakes in CRVO. Northwestern Mutual Wealth Management Co. increased its position in shares of CervoMed by 8,425,900.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 84,260 shares of the company’s stock valued at $666,000 after acquiring an additional 84,259 shares during the period. Jane Street Group LLC purchased a new position in CervoMed during the 2nd quarter valued at about $414,000. Renaissance Technologies LLC purchased a new position in CervoMed during the 1st quarter valued at about $252,000. Byrne Asset Management LLC raised its position in 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 purchasing an additional 36,550 shares during the last quarter. Finally, Citadel Advisors LLC purchased a new stake in CervoMed in the 3rd quarter worth approximately $247,000. Hedge funds and other 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. 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.