CervoMed Inc. (NASDAQ:CRVO) Sees Large Growth in Short Interest

CervoMed Inc. (NASDAQ:CRVO) saw a large increase in short interest in the month of January. As of January 30th, there was short interest totaling 234,762 shares, an increase of 21.3% from the January 15th total of 193,618 shares. Based on an average daily volume of 104,206 shares, the days-to-cover ratio is presently 2.3 days. Currently, 3.9% of the shares of the company are sold short. Currently, 3.9% of the shares of the company are sold short. Based on an average daily volume of 104,206 shares, the days-to-cover ratio is presently 2.3 days.

CervoMed Stock Up 8.6%

CRVO opened at $4.93 on Thursday. The company has a market capitalization of $45.60 million, a PE ratio of -1.70 and a beta of -0.82. The firm has a 50-day simple moving average of $6.74 and a two-hundred day simple moving average of $7.93. CervoMed has a 52 week low of $1.92 and a 52 week high of $16.94.

Institutional Trading of CervoMed

A number of large investors have recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its position in shares of CervoMed by 35.5% during the 1st quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock valued at $53,000 after acquiring an additional 1,526 shares during the last quarter. Marshall Wace LLP bought a new position in CervoMed during the second quarter valued at $76,000. XTX Topco Ltd bought a new position in CervoMed during the fourth quarter valued at $81,000. Thompson Davis & CO. Inc. purchased a new position in shares of CervoMed in the 2nd quarter worth $88,000. Finally, Jane Street Group LLC bought a new stake in shares of CervoMed in the 4th quarter worth about $88,000. Institutional investors own 25.15% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Zacks Research raised shares of CervoMed from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. D. Boral Capital restated a “buy” rating and set a $31.00 target price on shares of CervoMed in a research note on Wednesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of CervoMed in a research note on Wednesday, January 21st. Brookline Capital Acquisition raised CervoMed to a “strong-buy” rating in a report on Tuesday, February 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $25.00 price objective on shares of CervoMed in a research note on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, CervoMed has an average rating of “Moderate Buy” and an average price target of $22.17.

CervoMed Company Profile

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. The company also develops EIP200 for central nervous system which is in preclinical trials. CervoMed Inc was founded in 2010 and is headquartered in Boston, Massachusetts.