enVVeno Medical Corporation (NASDAQ:NVNO) Sees Large Decline in Short Interest

enVVeno Medical Corporation (NASDAQ:NVNO) saw a significant decrease in short interest in June. As of June 15th, there was short interest totaling 14,788 shares, a decrease of 78.9% from the May 31st total of 70,022 shares. Based on an average daily trading volume, of 7,743 shares, the days-to-cover ratio is currently 1.9 days. Currently, 2.6% of the company’s shares are sold short.

Institutional Investors Weigh In On enVVeno Medical

A number of large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its position in shares of enVVeno Medical by 1.1% in the second quarter. Geode Capital Management LLC now owns 199,509 shares of the company’s stock valued at $796,000 after purchasing an additional 2,211 shares during the period. Jane Street Group LLC bought a new stake in shares of enVVeno Medical during the 2nd quarter worth $51,000. Creative Planning bought a new stake in shares of enVVeno Medical during the 2nd quarter worth $54,000. ACT Capital Management LLC acquired a new position in enVVeno Medical in the 4th quarter valued at $37,000. Finally, Kingdon Capital Management L.L.C. raised its holdings in enVVeno Medical by 58.2% in the 3rd quarter. Kingdon Capital Management L.L.C. now owns 1,359,261 shares of the company’s stock worth $1,232,000 after acquiring an additional 500,000 shares during the period. Institutional investors own 34.71% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of enVVeno Medical from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, June 15th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce”.

enVVeno Medical Stock Down 1.9%

Shares of enVVeno Medical stock traded down $0.21 during midday trading on Friday, reaching $10.84. 9,898 shares of the company’s stock traded hands, compared to its average volume of 7,800. enVVeno Medical has a 52 week low of $8.67 and a 52 week high of $196.70. The company’s 50 day simple moving average is $10.77 and its 200 day simple moving average is $10.98.

enVVeno Medical (NASDAQ:NVNO) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($5.89) earnings per share for the quarter, topping analysts’ consensus estimates of ($8.40) by $2.51.

About enVVeno Medical

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.