CervoMed Inc. (NASDAQ:CRVO) Sees Large Drop in Short Interest

Key Points

• Short interest in CervoMed Inc. (NASDAQ:CRVO) significantly decreased by 54.5% in August, dropping from 728,700 shares to 331,400 shares.
• Several analysts have recently rated the stock with a consensus rating of "Moderate Buy" and an average target price of $23.71.
• CervoMed reported a quarterly loss of ($0.70) EPS, missing analysts' estimates, but achieved revenue of $1.76 million, surpassing expectations.

CervoMed Inc. (NASDAQ:CRVO - Get Free Report) was the target of a large drop in short interest in August. As of August 15th, there was short interest totaling 331,400 shares, adropof54.5% from the July 31st total of 728,700 shares. Currently,5.5% of the shares of the stock are sold short. Based on an average daily volume of 349,400 shares, the days-to-cover ratio is currently 0.9 days. Based on an average daily volume of 349,400 shares, the days-to-cover ratio is currently 0.9 days. Currently,5.5% of the shares of the stock are sold short.

Analysts Set New Price Targets

A number of brokerages have recently commented on CRVO. Canaccord Genuity Group upped their price target on CervoMed from $21.00 to $27.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Roth Capital restated a "buy" rating and set a $16.00 target price (down from $20.00) on shares of CervoMed in a report on Tuesday, August 12th. Chardan Capital reissued a "buy" rating and issued a $15.00 target price on shares of CervoMed in a research report on Monday, August 11th. Finally, D. Boral Capital boosted their price target on CervoMed from $15.00 to $31.00 and gave the company a "buy" rating in a research note on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $23.71.

CervoMed Price Performance

Shares of CervoMed stock traded up $0.30 during trading hours on Friday, hitting $10.51. 83,381 shares of the company's stock traded hands, compared to its average volume of 114,844. CervoMed has a 12-month low of $1.80 and a 12-month high of $20.63. The company has a fifty day simple moving average of $8.52 and a 200-day simple moving average of $7.93. The stock has a market capitalization of $97.22 million, a price-to-earnings ratio of -4.03 and a beta of -0.72.

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

Hedge Funds Weigh In On CervoMed

Large investors have recently bought and sold shares of the stock. Rhumbline Advisers boosted its holdings in CervoMed by 35.5% in the first 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. HighTower Advisors LLC bought a new position in shares of CervoMed during the first quarter valued at $104,000. Marshall Wace LLP bought a new position in CervoMed in the second quarter valued at about $76,000. Bank of New York Mellon Corp bought a new position in CervoMed in the first quarter valued at about $110,000. Finally, Mariner LLC bought a new position in CervoMed in the fourth quarter valued at about $30,000. 25.15% of the stock is owned by hedge funds and other institutional investors.

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.