Vivani Medical, Inc. (NASDAQ:VANI) Short Interest Up 2,726.3% in July

Key Points

• Vivani Medical, Inc. experienced a significant 2,726.3% increase in short interest from June 30 to July 15, with total short interest reaching 333,500 shares.
• The company reported a quarterly loss with ($0.11) earnings per share, missing analyst estimates by ($0.01).
• HC Wainwright reaffirmed a “buy” rating for Vivani Medical, setting a price target of $4.00 per share.

Vivani Medical, Inc. (NASDAQ:VANI - Get Free Report) saw a large growth in short interest in the month of July. As of July 15th, there was short interest totaling 333,500 shares, agrowthof2,726.3% from the June 30th total of 11,800 shares. Approximately1.1% of the shares of the stock are sold short. Based on an average daily volume of 104,400 shares, the days-to-cover ratio is presently 3.2 days. Based on an average daily volume of 104,400 shares, the days-to-cover ratio is presently 3.2 days. Approximately1.1% of the shares of the stock are sold short.

Analysts Set New Price Targets

Separately, HC Wainwright reaffirmed a "buy" rating and issued a $4.00 price target on shares of Vivani Medical in a report on Monday, May 19th.

Vivani Medical Stock Performance

Shares of VANI stock traded up $0.09 during trading hours on Tuesday, reaching $1.49. The company had a trading volume of 1,257,055 shares, compared to its average volume of 107,883. The company has a market capitalization of $87.98 million, a price-to-earnings ratio of -3.45 and a beta of 2.99. Vivani Medical has a 12-month low of $0.91 and a 12-month high of $1.80. The stock has a fifty day moving average of $1.32 and a 200-day moving average of $1.17.

Vivani Medical (NASDAQ:VANI - Get Free Report) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.01). On average, analysts forecast that Vivani Medical will post -0.41 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Northern Trust Corp lifted its position in shares of Vivani Medical by 19.1% in the 4th quarter. Northern Trust Corp now owns 71,915 shares of the company's stock valued at $83,000 after acquiring an additional 11,540 shares in the last quarter. Wealthedge Investment Advisors LLC purchased a new stake in Vivani Medical in the 4th quarter worth approximately $43,000. Jane Street Group LLC purchased a new stake in Vivani Medical in the 4th quarter worth approximately $66,000. Finally, Connective Capital Management LLC lifted its position in Vivani Medical by 796.2% in the 1st quarter. Connective Capital Management LLC now owns 162,098 shares of the company's stock worth $170,000 after buying an additional 144,010 shares in the last quarter. Institutional investors own 6.78% of the company's stock.

About Vivani Medical

Vivani Medical, Inc, a clinical stage company, develops various implants that treat chronic diseases with high unmet medical need. It engages in developing a portfolio of miniature drug implants to deliver minimally fluctuating drug profiles; and implantable visual prostheses devices to deliver useful artificial vision to blind individuals.