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

CervoMed Inc. (NASDAQ:CRVO) saw a significant growth in short interest during the month of June. As of June 30th, there was short interest totaling 807,562 shares, a growth of 134.9% from the June 15th total of 343,846 shares. Based on an average daily volume of 32,172,225 shares, the days-to-cover ratio is currently 0.0 days. Currently, 9.3% of the shares of the company are short sold.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRVO. Rhumbline Advisers grew its holdings in CervoMed by 35.5% during the 1st quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock worth $53,000 after acquiring an additional 1,526 shares during the last quarter. State Street Corp boosted its position in CervoMed by 11.4% in the 4th quarter. State Street Corp now owns 20,527 shares of the company’s stock valued at $162,000 after buying an additional 2,100 shares during the last quarter. Vanguard Group Inc. boosted its position in CervoMed by 1.0% in the 3rd quarter. Vanguard Group Inc. now owns 343,463 shares of the company’s stock valued at $2,779,000 after buying an additional 3,445 shares during the last quarter. Citizens Financial Group Inc. RI increased its stake in shares of CervoMed by 23.0% in the 4th quarter. Citizens Financial Group Inc. RI now owns 37,477 shares of the company’s stock valued at $296,000 after buying an additional 7,000 shares during the period. Finally, XTX Topco Ltd acquired a new stake in shares of CervoMed in the 4th quarter valued at $81,000. Institutional investors and hedge funds own 25.15% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on CRVO. D. Boral Capital reiterated a “buy” rating and set a $31.00 price target on shares of CervoMed in a research report on Wednesday, April 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of CervoMed in a research report on Monday, April 20th. Roth Capital set a $9.00 target price on CervoMed in a research report on Monday, May 18th. HC Wainwright restated a “buy” rating on shares of CervoMed in a research report on Thursday, July 9th. Finally, Chardan Capital boosted their price objective on CervoMed from $15.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday, March 18th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $22.60.

CervoMed Price Performance

CervoMed stock traded down $0.19 during mid-day trading on Tuesday, hitting $3.12. The company’s stock had a trading volume of 594,090 shares, 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 has a market cap of $42.25 million, a PE ratio of -0.95 and a beta of -0.68. The firm’s 50 day moving average is $3.36 and its 200 day moving average is $4.52.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.86) earnings per share (EPS) for the quarter, beating 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, analysts forecast that CervoMed will post -2.84 EPS for the current year.

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. 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.