CervoMed Inc. (NASDAQ:CRVO) Short Interest Up 17.9% in February

CervoMed Inc. (NASDAQ:CRVO) was the target of a significant growth in short interest in the month of February. As of February 27th, there was short interest totaling 296,365 shares, a growth of 17.9% from the February 12th total of 251,455 shares. Currently, 5.0% of the company’s stock are sold short. Based on an average daily volume of 99,856 shares, the days-to-cover ratio is presently 3.0 days. Based on an average daily volume of 99,856 shares, the days-to-cover ratio is presently 3.0 days. Currently, 5.0% of the company’s stock are sold short.

CervoMed Stock Performance

Shares of CervoMed stock traded up $0.06 during trading on Monday, reaching $4.31. The company had a trading volume of 90,914 shares, compared to its average volume of 92,857. The company has a market cap of $39.87 million, a price-to-earnings ratio of -1.45 and a beta of -0.77. The firm’s fifty day moving average is $5.49 and its 200-day moving average is $7.30. CervoMed has a fifty-two week low of $3.58 and a fifty-two week high of $16.94.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings results on Friday, March 13th. The company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.79) by ($0.09). The firm had revenue of $0.01 million during the quarter, compared to analyst estimates of $0.84 million. CervoMed had a negative return on equity of 85.98% and a negative net margin of 672.80%. On average, research analysts anticipate that CervoMed will post -1.88 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CRVO shares. Chardan Capital reaffirmed a “buy” rating and set a $15.00 price target on shares of CervoMed in a research note on Thursday, March 5th. Cantor Fitzgerald initiated coverage on CervoMed in a research report on Thursday, December 18th. They set an “overweight” rating on the stock. Brookline Capital Acquisition upgraded CervoMed to a “strong-buy” rating in a research note on Tuesday, February 3rd. Zacks Research raised CervoMed from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Finally, D. Boral Capital restated a “buy” rating and set a $31.00 price objective on shares of CervoMed in a report on Monday. One analyst has rated the stock with a Strong Buy rating, six have issued 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, the company presently has an average rating of “Moderate Buy” and an average target price of $23.60.

Institutional Investors Weigh In On CervoMed

Several institutional investors and hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC acquired a new position in CervoMed in the first quarter worth $227,000. Rhumbline Advisers raised its holdings in shares of CervoMed by 35.5% during the first quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock worth $53,000 after purchasing an additional 1,526 shares during the period. Marshall Wace LLP bought a new position in shares of CervoMed in the 2nd quarter worth about $76,000. Jane Street Group LLC acquired a new position in shares of CervoMed in the 2nd quarter valued at about $414,000. Finally, Perigon Wealth Management LLC boosted its holdings in shares of CervoMed by 66.0% in the 3rd quarter. Perigon Wealth Management LLC now owns 28,731 shares of the company’s stock valued at $232,000 after buying an additional 11,425 shares during the period. 25.15% of the stock is owned by institutional investors and hedge funds.

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.