electroCore, Inc. (NASDAQ:ECOR) Short Interest Up 136.9% in March

electroCore, Inc. (NASDAQ:ECOR) was the target of a significant increase in short interest in March. As of March 15th, there was short interest totalling 288,100 shares, an increase of 136.9% from the February 28th total of 121,600 shares. Based on an average daily trading volume, of 155,400 shares, the days-to-cover ratio is presently 1.9 days. Currently, 5.0% of the company’s stock are sold short.

electroCore Stock Performance

Shares of ECOR stock traded down $0.36 during trading hours on Friday, hitting $6.45. 171,686 shares of the company were exchanged, compared to its average volume of 72,010. The stock has a market capitalization of $46.39 million, a price-to-earnings ratio of -3.52 and a beta of 0.24. electroCore has a one year low of $5.32 and a one year high of $19.49. The business’s 50-day simple moving average is $14.08 and its two-hundred day simple moving average is $12.37.

Insider Activity at electroCore

In other news, Director Thomas J. Errico acquired 6,000 shares of the business’s stock in a transaction on Monday, March 17th. The shares were purchased at an average price of $8.10 per share, for a total transaction of $48,600.00. Following the acquisition, the director now directly owns 256,401 shares of the company’s stock, valued at $2,076,848.10. This represents a 2.40 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 19.70% of the company’s stock.

Hedge Funds Weigh In On electroCore

A number of hedge funds have recently added to or reduced their stakes in ECOR. Renaissance Technologies LLC lifted its position in shares of electroCore by 80.6% in the 4th quarter. Renaissance Technologies LLC now owns 131,786 shares of the company’s stock worth $2,136,000 after buying an additional 58,800 shares during the last quarter. HighTower Advisors LLC acquired a new stake in electroCore during the third quarter worth about $255,000. Marshall Wace LLP bought a new position in electroCore in the fourth quarter worth about $438,000. Jane Street Group LLC acquired a new position in electroCore in the fourth quarter valued at approximately $278,000. Finally, NewEdge Advisors LLC bought a new position in shares of electroCore during the fourth quarter valued at approximately $274,000. Institutional investors and hedge funds own 26.74% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ECOR. HC Wainwright reissued a “buy” rating and issued a $25.00 price target on shares of electroCore in a report on Thursday, March 13th. LADENBURG THALM/SH SH dropped their price target on shares of electroCore from $28.00 to $26.00 and set a “buy” rating for the company in a research note on Thursday, March 13th.

About electroCore

electroCore, Inc, a commercial stage bioelectronic medicine and wellness company, provides non-invasive vagus nerve stimulation technology platform in the United States, the United Kingdom, and internationally. The company is developing gammaCore, a prescription only handheld device intended for regular or intermittent use for the acute treatment of pain associated with migraine and episodic cluster headache, as well as for the treatment of hemicrania continua and paroxysmal hemicrania.