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

CervoMed Inc. (NASDAQ:CRVO) was the target of a significant growth in short interest during the month of 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. Based on an average trading volume of 29,500 shares, the days-to-cover ratio is presently 0.9 days. Approximately 0.7% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

CRVO has been the subject of several research analyst reports. Canaccord Genuity Group lifted their price objective on CervoMed from $50.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. Canaccord Genuity Group began coverage on CervoMed in a report on Thursday, February 15th. They issued a “buy” rating and a $50.00 target price for the company.

CervoMed Stock Down 1.8 %

NASDAQ CRVO traded down $0.44 on Tuesday, hitting $24.29. 28,364 shares of the company were exchanged, compared to its average volume of 25,673. The stock has a fifty day moving average of $20.30 and a 200-day moving average of $13.32. CervoMed has a 12 month low of $4.14 and a 12 month high of $26.38.

Hedge Funds Weigh In On CervoMed

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. CWM LLC acquired a new position in CervoMed during the 4th quarter worth approximately $292,000. Rock Springs Capital Management LP bought a new position in shares of CervoMed in the 3rd quarter worth $370,000. Finally, Adage Capital Partners GP L.L.C. bought a new position in shares of CervoMed in the 3rd quarter worth $921,000. Institutional investors own 25.15% of the company’s stock.

CervoMed Company Profile

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.