CervoMed Inc. (NASDAQ:CRVO) Sees Significant Increase in Short Interest

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

Institutional Investors Weigh In On CervoMed

Large investors have recently bought and sold shares of the business. Virtu Financial LLC bought a new position in CervoMed during the fourth quarter valued at about $26,000. DRW Securities LLC acquired a new position in shares of CervoMed during the 4th quarter valued at about $30,000. Mariner LLC bought a new position in shares of CervoMed in the 4th quarter valued at approximately $30,000. BNP Paribas Financial Markets acquired a new stake in CervoMed in the 4th quarter worth approximately $32,000. Finally, JPMorgan Chase & Co. lifted its holdings in CervoMed by 251.8% in the 4th quarter. JPMorgan Chase & Co. now owns 14,464 shares of the company’s stock worth $34,000 after purchasing an additional 10,352 shares during the last quarter. 25.15% of the stock is currently owned by institutional investors.

CervoMed Stock Performance

Shares of CervoMed stock traded up $0.98 during trading on Friday, hitting $9.48. 1,051,172 shares of the stock traded hands, compared to its average volume of 1,255,527. The stock has a market cap of $82.50 million, a P/E ratio of -4.67 and a beta of 1.84. The company has a fifty day moving average price of $3.85 and a two-hundred day moving average price of $7.69. CervoMed has a twelve month low of $1.80 and a twelve month high of $25.92.

CervoMed (NASDAQ:CRVO) last posted its earnings results 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 analyst estimates of $1.51 million. On average, equities research analysts expect that CervoMed will post -1.88 EPS for the current fiscal year.

Analysts Set New Price Targets

CRVO has been the topic of a number of recent analyst reports. Brookline Capital Management upgraded shares of CervoMed from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 11th. D. Boral Capital reissued a “buy” rating and set a $10.00 target price on shares of CervoMed in a research note on Wednesday. Jones Trading upgraded CervoMed from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a report on Thursday, March 13th. Roth Mkm increased their price objective on CervoMed from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. Finally, HC Wainwright cut shares of CervoMed from a “buy” rating to a “neutral” rating in a report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $27.50.

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.