Short Interest in CervoMed Inc. (NASDAQ:CRVO) Grows By 190.7%

CervoMed Inc. (NASDAQ:CRVO) was the target of a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 2,630,000 shares, a growth of 190.7% from the February 28th total of 904,700 shares. Currently, 46.6% of the shares of the company are short sold. Based on an average daily volume of 4,280,000 shares, the short-interest ratio is currently 0.6 days.

Hedge Funds Weigh In On CervoMed

Hedge funds have recently added to or reduced their stakes in the stock. Woodline Partners LP acquired a new stake in shares of CervoMed during the 4th quarter worth $175,000. Nuveen Asset Management LLC raised its stake in CervoMed by 113.6% in the fourth quarter. Nuveen Asset Management LLC now owns 41,569 shares of the company’s stock valued at $97,000 after purchasing an additional 22,104 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in CervoMed during the fourth quarter worth about $32,000. Mariner LLC acquired a new stake in CervoMed during the fourth quarter worth about $30,000. Finally, DRW Securities LLC bought a new position in CervoMed in the 4th quarter valued at about $30,000. Institutional investors own 25.15% of the company’s stock.

CervoMed Stock Performance

Shares of CervoMed stock opened at $9.48 on Friday. The firm has a 50-day moving average of $4.00 and a 200-day moving average of $7.64. CervoMed has a 52-week low of $1.80 and a 52-week high of $25.92. The stock has a market cap of $82.50 million, a PE ratio of -4.67 and a beta of 1.84.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings data on Monday, March 17th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.13). CervoMed had a negative net margin of 118.68% and a negative return on equity of 44.11%. The business had revenue of $2.16 million during the quarter, compared to the consensus estimate of $1.51 million. Equities research analysts predict that CervoMed will post -1.88 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CRVO. Jones Trading raised CervoMed from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research report on Thursday, March 13th. Morgan Stanley reissued an “underweight” rating on shares of CervoMed in a report on Wednesday, December 11th. Brookline Capital Management raised CervoMed from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 11th. Roth Mkm upped their price objective on shares of CervoMed from $15.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. Finally, Chardan Capital upgraded shares of CervoMed from a “neutral” rating to a “buy” rating and set a $14.00 target price for the company in a research note on Thursday, March 13th. One research analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $27.50.

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.