electroCore, Inc. (NASDAQ:ECOR) Short Interest Up 80.0% in July

Key Points

• Short interest surged 80% to 367,579 shares as of July 15, representing 4.7% of electroCore’s outstanding shares and a 3.5-day days-to-cover ratio.
• Analyst sentiment remains mixed, with one Buy, one Hold, and one Sell rating; the consensus rating is Hold with an $18.00 target price, while Weiss Ratings reaffirmed a “sell (D-)” rating.
• ECOR shares traded at $6.29, while the company continues to report losses, including quarterly revenue of $9.58 million and a negative EPS of $0.59; an insider director bought shares, while the CFO sold shares.

electroCore, Inc. (NASDAQ:ECOR - Get Free Report) was the recipient of a significant growth in short interest in July. As of July 15th, there was short interest totaling 367,579 shares, a growth of 80.0% from the June 30th total of 204,261 shares. Based on an average daily volume of 106,502 shares, the days-to-cover ratio is currently 3.5 days. Currently, 4.7% of the shares of the stock are sold short.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of electroCore in a research note on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, electroCore presently has a consensus rating of "Hold" and a consensus target price of $18.00.

electroCore Trading Up 3.6%

NASDAQ:ECOR traded up $0.22 during trading hours on Thursday, hitting $6.29. The company had a trading volume of 40,998 shares, compared to its average volume of 86,603. The company has a 50-day moving average of $7.90 and a 200 day moving average of $6.99. The company has a market cap of $56.74 million, a P/E ratio of -3.55 and a beta of 0.88. electroCore has a 1 year low of $4.16 and a 1 year high of $10.49.

electroCore (NASDAQ:ECOR - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported ($0.59) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.59). The business had revenue of $9.58 million during the quarter, compared to the consensus estimate of $9.01 million. electroCore had a negative return on equity of 1,956.38% and a negative net margin of 44.08%. On average, analysts forecast that electroCore will post -1.48 earnings per share for the current year.

Insider Buying and Selling at electroCore

In other news, Director Thomas J. Errico acquired 9,992 shares of the firm's stock in a transaction on Thursday, May 21st. The shares were bought at an average price of $5.99 per share, for a total transaction of $59,852.08. Following the acquisition, the director owned 360,071 shares of the company's stock, valued at approximately $2,156,825.29. This trade represents a 2.85% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Joshua S. Lev sold 6,667 shares of the firm's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $9.00, for a total value of $60,003.00. Following the completion of the transaction, the chief financial officer owned 84,889 shares in the company, valued at $764,001. The trade was a 7.28% decrease in their position. The disclosure for this sale is available in the SEC filing. 7.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On electroCore

Several institutional investors and hedge funds have recently bought and sold shares of ECOR. FNY Investment Advisers LLC purchased a new stake in shares of electroCore in the 4th quarter valued at approximately $82,000. Cubist Systematic Strategies LLC acquired a new position in electroCore in the first quarter valued at approximately $153,000. Two Sigma Investments LP grew its position in electroCore by 20.8% in the third quarter. Two Sigma Investments LP now owns 24,603 shares of the company's stock worth $122,000 after acquiring an additional 4,231 shares during the period. WealthShield Partners LLC purchased a new position in electroCore in the first quarter worth approximately $157,000. Finally, Jane Street Group LLC increased its stake in electroCore by 114.4% during the first quarter. Jane Street Group LLC now owns 36,726 shares of the company's stock worth $246,000 after acquiring an additional 19,599 shares during the last quarter. 26.74% of the stock is currently owned by institutional investors and hedge funds.

electroCore Company Profile

electroCore, Inc is a commercial-stage bioelectronic medicine company headquartered in Rockaway, New Jersey. The company specializes in the development and commercialization of non-invasive vagus nerve stimulation (nVNS) therapies designed to address a variety of neurological and inflammatory conditions. Established in 2006, electroCore has focused its efforts on translating neuromodulation science into a compact, patient-administered treatment device.

The company's lead product, gammaCore®, is a handheld, battery-powered device that delivers nVNS through the skin to the cervical branch of the vagus nerve.

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