Short Interest in CervoMed Inc. (NASDAQ:CRVO) Increases By 101.6%

CervoMed Inc. (NASDAQ:CRVO - Get Free Report) was the target of a large growth in short interest in April. As of April 30th, there was short interest totalling 51,800 shares, a growth of 101.6% from the April 15th total of 25,700 shares. Based on an average daily volume of 33,100 shares, the days-to-cover ratio is currently 1.6 days. Currently, 1.1% of the company's stock are sold short.

CervoMed Stock Up 3.2 %

CervoMed stock traded up $0.76 on Friday, reaching $24.66. 13,574 shares of the stock were exchanged, compared to its average volume of 25,131. The firm has a fifty day moving average price of $22.04 and a two-hundred day moving average price of $14.09. CervoMed has a twelve month low of $4.14 and a twelve month high of $26.38.

Analyst Ratings Changes

CRVO has been the topic of several analyst reports. Canaccord Genuity Group increased their target price on shares of CervoMed from $50.00 to $65.00 and gave the stock a "buy" rating in a research report on Monday, April 8th. Canaccord Genuity Group started coverage on CervoMed in a report on Thursday, February 15th. They set a "buy" rating and a $50.00 price target on the stock.

Institutional Trading of CervoMed

Several hedge funds have recently added to or reduced their stakes in CRVO. Adage Capital Partners GP L.L.C. bought a new position in CervoMed in the 3rd quarter worth approximately $921,000. Crown Advisors Management Inc. bought a new position in CervoMed during the first quarter worth $2,330,000. Rock Springs Capital Management LP bought a new position in CervoMed during the third quarter worth $370,000. Finally, CWM LLC acquired a new position in CervoMed during the 4th quarter valued at $292,000. Institutional investors own 25.15% of the company's stock.

CervoMed Company Profile

CervoMed Inc, a clinical-stage biotechnology company, engages in the development and commercialization of drug treatments for neurogenerative diseases. 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.