CervoMed Inc. (NASDAQ:CRVO) Sees Significant Increase in Short Interest

CervoMed Inc. (NASDAQ:CRVO) was the target of a large growth in short interest in April. As of April 15th, there was short interest totalling 25,700 shares, a growth of 24.8% from the March 31st total of 20,600 shares. Approximately 0.7% of the shares of the company are short sold. Based on an average trading volume of 29,500 shares, the short-interest ratio is presently 0.9 days.

Institutional Investors Weigh In On CervoMed

A number of hedge funds have recently added to or reduced their stakes in the stock. CWM LLC bought a new position in shares of CervoMed in the fourth quarter worth about $292,000. Rock Springs Capital Management LP acquired a new position in CervoMed during the 3rd quarter worth $370,000. Finally, Adage Capital Partners GP L.L.C. bought a new position in CervoMed in the 3rd quarter valued at $921,000. Institutional investors own 25.15% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on CRVO shares. Canaccord Genuity Group started coverage on CervoMed in a report on Thursday, February 15th. They set a “buy” rating and a $50.00 price target on the stock. Canaccord Genuity Group boosted their target price on shares of CervoMed from $50.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, April 8th.

CervoMed Price Performance

Shares of CRVO stock traded down $0.44 during trading hours on Tuesday, hitting $24.29. 28,364 shares of the company’s stock were exchanged, compared to its average volume of 25,673. CervoMed has a 52 week low of $4.14 and a 52 week high of $26.38. The stock’s 50-day moving average is $20.30 and its 200-day moving average is $13.32.

About CervoMed

CervoMed Inc, a clinical-stage biotechnology company, engages in the development and commercialization of drug treatments for neurogenerative diseases. 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.