CervoMed Inc. (NASDAQ:CRVO) Short Interest Up 16.5% in October

CervoMed Inc. (NASDAQ:CRVO) saw a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 1,480,000 shares, a growth of 16.5% from the October 15th total of 1,270,000 shares. Currently, 27.7% of the shares of the company are short sold. Based on an average daily volume of 81,400 shares, the days-to-cover ratio is currently 18.2 days.

CervoMed Trading Down 1.4 %

Shares of CervoMed stock opened at $10.77 on Monday. The company’s fifty day simple moving average is $13.92 and its 200-day simple moving average is $16.46. CervoMed has a 1-year low of $5.85 and a 1-year high of $26.38.

CervoMed (NASDAQ:CRVO) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.41) by ($0.14). The business had revenue of $1.94 million for the quarter, compared to analysts’ expectations of $1.75 million. CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. As a group, research analysts predict that CervoMed will post -1.66 EPS for the current year.

Analysts Set New Price Targets

CRVO has been the topic of several research reports. Canaccord Genuity Group restated a “buy” rating and issued a $65.00 target price on shares of CervoMed in a report on Thursday, July 25th. Chardan Capital restated a “buy” rating and issued a $55.00 target price on shares of CervoMed in a report on Thursday. Finally, Morgan Stanley initiated coverage on shares of CervoMed in a report on Friday, July 26th. They issued an “overweight” rating and a $35.00 target price on the stock. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $53.60.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CRVO. RA Capital Management L.P. purchased a new position in shares of CervoMed during the 1st quarter valued at $20,075,000. Ikarian Capital LLC purchased a new position in shares of CervoMed during the 1st quarter valued at $5,530,000. Citizens Financial Group Inc. RI purchased a new position in shares of CervoMed during the 2nd quarter valued at $461,000. State Street Corp lifted its stake in shares of CervoMed by 28.1% during the 3rd quarter. State Street Corp now owns 104,456 shares of the company’s stock valued at $1,525,000 after buying an additional 22,903 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of CervoMed by 13.9% during the 3rd quarter. Geode Capital Management LLC now owns 114,934 shares of the company’s stock valued at $1,678,000 after buying an additional 14,042 shares in the last quarter. Hedge funds and other institutional investors own 25.15% of the company’s stock.

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.