CervoMed Inc. (NASDAQ:CRVO) Short Interest Up 24.8% in April

CervoMed Inc. (NASDAQ:CRVO) was the target of a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 25,700 shares, an increase of 24.8% from the March 31st total of 20,600 shares. Currently, 0.7% of the shares of the stock are sold short. Based on an average trading volume of 29,500 shares, the days-to-cover ratio is currently 0.9 days.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On CervoMed

Several large investors have recently bought and sold shares of CRVO. Adage Capital Partners GP L.L.C. acquired a new position in CervoMed in the third quarter valued at approximately $921,000. Rock Springs Capital Management LP acquired a new position in CervoMed in the third quarter valued at approximately $370,000. Finally, CWM LLC acquired a new position in CervoMed in the fourth quarter valued at approximately $292,000. 25.15% of the stock is currently owned by institutional investors and hedge funds.

CervoMed Price Performance

CervoMed stock traded down $0.44 during trading hours on Tuesday, hitting $24.29. 28,364 shares of the stock were exchanged, compared to its average volume of 25,673. CervoMed has a 12 month low of $4.14 and a 12 month high of $26.38. The business’s 50-day moving average is $20.13 and its two-hundred day moving average is $13.21.

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.