enVVeno Medical Corporation (NASDAQ:NVNO) Sees Significant Increase in Short Interest

enVVeno Medical Corporation (NASDAQ:NVNO) saw a large increase in short interest in July. As of July 31st, there was short interest totaling 18,286 shares, an increase of 68.7% from the July 15th total of 10,839 shares. Approximately 3.1% of the shares of the company are short sold. Based on an average trading volume of 19,970 shares, the days-to-cover ratio is currently 0.9 days.

enVVeno Medical Trading Up 9.2%

NVNO traded up $1.01 on Monday, hitting $12.00. 7,244 shares of the company’s stock were exchanged, compared to its average volume of 16,989. The firm has a market cap of $8.16 million, a PE ratio of -0.62 and a beta of 1.09. enVVeno Medical has a twelve month low of $8.67 and a twelve month high of $178.15. The stock has a fifty day moving average of $10.66 and a two-hundred day moving average of $10.72.

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

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NVNO. Zacks Research upgraded enVVeno Medical to a “hold” rating in a report on Tuesday, July 7th. LADENBURG THALM/SH SH raised shares of enVVeno Medical from a “hold” rating to a “strong-buy” rating in a report on Monday, July 6th. Finally, Weiss Ratings downgraded shares of 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 given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold”.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Perceptive Advisors LLC acquired a new stake in enVVeno Medical in the second quarter worth $5,127,000. CM Management LLC boosted its holdings in shares of enVVeno Medical by 108.3% during the fourth quarter. CM Management LLC now owns 1,250,000 shares of the company’s stock valued at $401,000 after acquiring an additional 650,000 shares during the period. Geode Capital Management LLC boosted its holdings in shares of 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 acquiring an additional 2,211 shares during the period. Jane Street Group LLC grew its position in shares of enVVeno Medical by 149.2% during the fourth quarter. Jane Street Group LLC now owns 178,855 shares of the company’s stock worth $57,000 after acquiring an additional 107,084 shares during the last quarter. Finally, ACT Capital Management LLC bought a new position in shares of enVVeno Medical during the fourth quarter worth about $37,000. Institutional investors and hedge funds own 34.71% of the company’s stock.

enVVeno Medical Company Profile

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.