CervoMed Inc. (NASDAQ:CRVO) Short Interest Update

CervoMed Inc. (NASDAQ:CRVO) was the target of a significant decline in short interest in the month of December. As of December 31st, there was short interest totalling 1,260,000 shares, a decline of 51.4% from the December 15th total of 2,590,000 shares. Based on an average daily trading volume, of 405,800 shares, the short-interest ratio is currently 3.1 days. Currently, 23.6% of the company’s shares are short sold.

CervoMed Trading Up 3.9 %

CervoMed stock traded up $0.08 during trading on Tuesday, hitting $2.12. 114,197 shares of the company were exchanged, compared to its average volume of 230,432. The business’s 50 day moving average is $6.38 and its 200 day moving average is $11.95. CervoMed has a 52 week low of $1.80 and a 52 week high of $26.38.

CervoMed (NASDAQ:CRVO) last posted its earnings results on Tuesday, November 12th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.14). CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. The firm had revenue of $1.94 million during the quarter, compared to the consensus estimate of $1.75 million. On average, sell-side analysts anticipate that CervoMed will post -1.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CervoMed

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new position in shares of CervoMed in the second quarter valued at approximately $236,000. Rhumbline Advisers purchased a new position in CervoMed in the second quarter worth $96,000. Citizens Financial Group Inc. RI bought a new position in CervoMed in the 2nd quarter valued at $461,000. Renaissance Technologies LLC increased its position in shares of CervoMed by 5.2% during the 2nd quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock valued at $554,000 after purchasing an additional 1,600 shares during the last quarter. Finally, Fred Alger Management LLC bought a new stake in shares of CervoMed during the 2nd quarter worth $60,000. Hedge funds and other institutional investors own 25.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CRVO. Roth Capital upgraded CervoMed to a “strong-buy” rating in a report on Thursday, December 5th. Chardan Capital reissued a “neutral” rating on shares of CervoMed in a research note on Wednesday, December 11th. D. Boral Capital reaffirmed a “hold” rating on shares of CervoMed in a research note on Tuesday, December 10th. Morgan Stanley reissued an “underweight” rating on shares of CervoMed in a research report on Wednesday, December 11th. Finally, Roth Mkm initiated coverage on CervoMed in a research report on Friday, December 6th. They issued a “buy” rating and a $45.00 target price for the company. One analyst has rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $42.00.

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.