Short Interest in CervoMed Inc. (NASDAQ:CRVO) Expands By 563.1%

Key Points

• Short interest in CervoMed Inc. surged by 563.1% in July, reaching a total of 728,700 shares, indicating heightened investor bearishness.
• CervoMed's stock price increased by 0.9% to $9.73, with a market cap of approximately $89.99 million and a P/E ratio of -3.73.
• Analysts are generally positive on CervoMed, with several setting price targets around $15 to $27 and the stock holding an average rating of "Moderate Buy".

CervoMed Inc. (NASDAQ:CRVO - Get Free Report) was the recipient of a large growth in short interest in the month of July. As of July 31st, there was short interest totaling 728,700 shares, agrowthof563.1% from the July 15th total of 109,900 shares. Based on an average trading volume of 366,300 shares, the short-interest ratio is presently 2.0 days. Approximately12.9% of the shares of the company are short sold. Approximately12.9% of the shares of the company are short sold. Based on an average trading volume of 366,300 shares, the short-interest ratio is presently 2.0 days.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Chardan Capital reiterated a "buy" rating and issued a $15.00 price objective on shares of CervoMed in a research note on Monday, August 11th. 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 report on Tuesday, August 12th. D. Boral Capital upped their price target on shares of CervoMed from $15.00 to $31.00 and gave the company a "buy" rating in a research note on Monday. Finally, Canaccord Genuity Group raised their price objective on shares of CervoMed from $21.00 to $27.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. One 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $23.71.

CervoMed Stock Down 6.9%

NASDAQ:CRVO traded down $0.68 during midday trading on Tuesday, hitting $9.15. The company had a trading volume of 107,309 shares, compared to its average volume of 816,991. CervoMed has a 52-week low of $1.80 and a 52-week high of $20.63. The stock's fifty day moving average price is $7.81 and its 200-day moving average price is $7.30.

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

Institutional Trading of CervoMed

Institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC purchased a new position in shares of CervoMed in the second quarter worth about $414,000. Marshall Wace LLP bought a new stake in CervoMed in the second quarter valued at approximately $76,000. Thompson Davis & CO. Inc. purchased a new stake in shares of CervoMed during the second quarter valued at approximately $91,000. Rhumbline Advisers boosted its stake in shares of 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 purchasing an additional 1,526 shares during the period. Finally, AQR Capital Management LLC purchased a new position in shares of CervoMed in the first quarter worth $227,000. 25.15% of the stock is currently 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.