CervoMed Inc. (NASDAQ:CRVO) Short Interest Down 68.9% in May

CervoMed Inc. (NASDAQ:CRVO - Get Free Report) was the target of a large drop in short interest in May. As of May 31st, there was short interest totalling 279,000 shares, a drop of 68.9% from the May 15th total of 896,400 shares. Based on an average daily volume of 4,580,000 shares, the days-to-cover ratio is currently 0.1 days. Currently, 5.0% of the company's stock are sold short.

Institutional Trading of CervoMed

Several institutional investors have recently made changes to their positions in the business. Rhumbline Advisers boosted its position in shares of CervoMed by 35.5% during the 1st quarter. Rhumbline Advisers now owns 5,830 shares of the company's stock valued at $53,000 after acquiring an additional 1,526 shares in the last quarter. AQR Capital Management LLC acquired a new position in CervoMed in the first quarter valued at about $227,000. AWM Investment Company Inc. acquired a new position in CervoMed in the first quarter valued at about $7,898,000. Russell Investments Group Ltd. boosted its position in CervoMed by 8,159.4% in the first quarter. Russell Investments Group Ltd. now owns 18,914 shares of the company's stock valued at $173,000 after buying an additional 18,685 shares in the last quarter. Finally, HighTower Advisors LLC acquired a new position in CervoMed in the first quarter valued at about $104,000. 25.15% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently commented on CRVO. Chardan Capital lifted their target price on shares of CervoMed from $14.00 to $15.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Canaccord Genuity Group lifted their target price on shares of CervoMed from $12.00 to $21.00 and gave the stock a "buy" rating in a report on Tuesday, March 18th. Roth Mkm lifted their target price on shares of CervoMed from $15.00 to $20.00 and gave the stock a "buy" rating in a report on Tuesday, March 18th. Jones Trading upgraded shares of CervoMed from a "hold" rating to a "buy" rating and set a $15.00 target price on the stock in a report on Thursday, March 13th. Finally, Brookline Capital Management upgraded shares of CervoMed from a "hold" rating to a "strong-buy" rating in a report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $27.63.

CervoMed Price Performance

Shares of CervoMed stock traded up $0.14 during trading on Monday, hitting $7.26. 114,280 shares of the company's stock traded hands, compared to its average volume of 1,339,913. The firm's fifty day moving average price is $8.64 and its 200 day moving average price is $5.88. CervoMed has a twelve month low of $1.80 and a twelve month high of $22.57. The company has a market cap of $63.18 million, a PE ratio of -3.33 and a beta of -0.73.

CervoMed (NASDAQ:CRVO - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported ($0.56) earnings per share for the quarter, beating the consensus estimate of ($0.60) by $0.04. CervoMed had a negative net margin of 118.68% and a negative return on equity of 44.11%. The business had revenue of $1.92 million for the quarter, compared to analyst estimates of $1.70 million. As a group, equities research analysts anticipate that CervoMed will post -1.88 earnings per share for the current year.

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.