Tevogen Bio Holdings Inc. (NASDAQ:TVGN) Short Interest Up 64.1% in August

Key Points

• Tevogen Bio Holdings Inc. experienced a significant increase in short interest, rising by 64.1% from the previous month to 3,250,000 shares by August 15th, indicating heightened market skepticism.
• CEO Ryan H. Saadi sold 1,438,206 shares of the company's stock for approximately $1.77 million, decreasing his ownership in the company while insiders maintain a strong holding of 73.24% of total shares.
• The company reported earnings of ($0.03) per share, exceeding analysts' expectations, and has a current price target set at $10.00 by analysts, who maintain a Buy rating on the stock.

Tevogen Bio Holdings Inc. (NASDAQ:TVGN - Get Free Report) saw a significant growth in short interest in the month of August. As of August 15th, there was short interest totaling 3,250,000 shares, a growth of 64.1% from the July 31st total of 1,980,000 shares. Based on an average trading volume of 923,900 shares, the days-to-cover ratio is currently 3.5 days. Currently, 7.4% of the company's shares are sold short. Currently, 7.4% of the company's shares are sold short. Based on an average trading volume of 923,900 shares, the days-to-cover ratio is currently 3.5 days.

Wall Street Analyst Weigh In

Separately, D. Boral Capital restated a "buy" rating and issued a $10.00 target price on shares of Tevogen Bio in a research note on Thursday, September 4th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, Tevogen Bio currently has an average rating of "Buy" and a consensus price target of $10.00.

Tevogen Bio Stock Up 0.6%

TVGN stock traded up $0.01 on Tuesday, reaching $0.88. 944,836 shares of the company traded hands, compared to its average volume of 556,154. Tevogen Bio has a one year low of $0.26 and a one year high of $3.09. The firm has a fifty day simple moving average of $1.03 and a 200-day simple moving average of $1.11.

Tevogen Bio (NASDAQ:TVGN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 19th. The company reported ($0.03) earnings per share for the quarter, beating analysts' consensus estimates of ($0.05) by $0.02.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TVGN. Barclays PLC increased its position in Tevogen Bio by 39.2% during the 4th quarter. Barclays PLC now owns 45,600 shares of the company's stock valued at $48,000 after buying an additional 12,847 shares in the last quarter. Nuveen LLC bought a new position in Tevogen Bio during the 1st quarter valued at approximately $97,000. Finally, Northern Trust Corp increased its position in Tevogen Bio by 13.0% during the 4th quarter. Northern Trust Corp now owns 118,415 shares of the company's stock valued at $122,000 after buying an additional 13,595 shares in the last quarter.

Tevogen Bio Company Profile

Tevogen Bio Holdings Inc operates as a clinical-stage specialty immunotherapy company that develops off-the-shelf precision T cell therapies for the treatment of infectious diseases, cancers, and neurological disorders. The company develops TVGN 489, which has completed Phase 1 clinical trial for the treatment and prevention of chronic lingering symptoms of the disease (Long COVID), as well as COVID-19 in B cell immune suppressed acute COVID-19 patients without a B cell cancer indication, elderly and infirm acute COVID-19 patients, and acute COVID-19 in patients on T cell suppressing drugs, including solid organ transplant patients.