Short Interest in CervoMed Inc. (NASDAQ:CRVO) Decreases By 31.7%

CervoMed Inc. (NASDAQ:CRVO - Get Free Report) was the recipient of a significant decline in short interest during the month of September. As of September 15th, there was short interest totaling 192,700 shares, a decline of 31.7% from the August 31st total of 282,100 shares. Based on an average daily volume of 349,000 shares, the short-interest ratio is presently 0.6 days. Approximately 3.2% of the shares of the company are sold short. Approximately 3.2% of the shares of the company are sold short. Based on an average daily volume of 349,000 shares, the short-interest ratio is presently 0.6 days.

Institutional Trading of CervoMed

Hedge funds have recently bought and sold shares of the company. Rhumbline Advisers lifted its stake in CervoMed by 35.5% during the first quarter. Rhumbline Advisers now owns 5,830 shares of the company's stock valued at $53,000 after buying an additional 1,526 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of CervoMed in the 2nd quarter valued at about $76,000. Thompson Davis & CO. Inc. acquired a new position in shares of CervoMed in the 2nd quarter valued at about $88,000. HighTower Advisors LLC acquired a new position in shares of CervoMed in the 1st quarter valued at about $104,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of CervoMed in the 1st quarter valued at about $110,000. 25.15% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on CRVO shares. Roth Capital reiterated a "buy" rating and set a $16.00 target price (down previously from $20.00) on shares of CervoMed in a research note on Tuesday, August 12th. HC Wainwright reiterated a "neutral" rating and set a $11.00 target price on shares of CervoMed in a research note on Monday, September 8th. Canaccord Genuity Group boosted their target price on shares of CervoMed from $21.00 to $27.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. D. Boral Capital boosted their target price on shares of CervoMed from $15.00 to $31.00 and gave the company a "buy" rating in a research note on Monday, August 18th. Finally, Chardan Capital restated a "buy" rating and set a $15.00 price target on shares of CervoMed in a research report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $19.29.

CervoMed Trading Up 6.5%

CRVO stock opened at $8.70 on Monday. CervoMed has a one year low of $1.80 and a one year high of $16.94. The firm has a market capitalization of $80.48 million, a PE ratio of -3.33 and a beta of -0.84. The firm has a 50-day moving average of $9.09 and a two-hundred day moving average of $8.59.

CervoMed (NASDAQ:CRVO - Get Free Report) last posted its quarterly earnings data on Friday, August 8th. The company reported ($0.70) EPS for the quarter, missing analysts' consensus estimates of ($0.57) by ($0.13). CervoMed had a negative net margin of 290.72% and a negative return on equity of 59.15%. The firm had revenue of $1.76 million for the quarter, compared to analysts' expectations of $1.45 million. On average, equities research analysts anticipate that CervoMed will post -1.88 earnings per share 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.

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