Short Interest in enVVeno Medical Corporation (NASDAQ:NVNO) Drops By 65.4%

enVVeno Medical Corporation (NASDAQ:NVNO) was the recipient of a large decrease in short interest in August. As of August 31st, there was short interest totaling 8,442 shares, a decrease of 65.4% from the August 15th total of 24,403 shares. Approximately 1.4% of the shares of the company are short sold. Based on an average trading volume of 16,811 shares, the short-interest ratio is currently 0.5 days.

Institutional Trading of enVVeno Medical

Hedge funds have recently added to or reduced their stakes in the company. Perceptive Advisors LLC bought a new stake in enVVeno Medical in the 2nd quarter valued at about $5,127,000. ACT Capital Management LLC acquired a new stake in shares of enVVeno Medical in the fourth quarter valued at approximately $37,000. Jane Street Group LLC boosted its stake in shares of enVVeno Medical by 149.2% in the fourth quarter. Jane Street Group LLC now owns 178,855 shares of the company’s stock valued at $57,000 after buying an additional 107,084 shares during the period. Creative Planning bought a new stake in shares of enVVeno Medical in the second quarter valued at approximately $54,000. Finally, Geode Capital Management LLC grew its position in enVVeno Medical by 1.1% during the second quarter. Geode Capital Management LLC now owns 199,509 shares of the company’s stock worth $796,000 after buying an additional 2,211 shares in the last quarter. 34.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on NVNO. Weiss Ratings lowered shares of enVVeno Medical from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 30th. LADENBURG THALM/SH SH raised shares of enVVeno Medical from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 6th. Finally, Zacks Research upgraded shares of enVVeno Medical to a “hold” rating in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, enVVeno Medical has a consensus rating of “Hold”.

enVVeno Medical Stock Down 5.7%

Shares of NVNO stock opened at $10.49 on Friday. enVVeno Medical has a 12-month low of $8.67 and a 12-month high of $35.70. The company has a market capitalization of $7.24 million, a P/E ratio of -0.54 and a beta of 1.06. The firm has a 50-day moving average price of $10.87 and a 200 day moving average price of $10.86.

enVVeno Medical (NASDAQ:NVNO) last announced its earnings results on Thursday, July 30th. The company reported ($5.37) EPS for the quarter, missing the consensus estimate of ($4.69) by ($0.68). As a group, research analysts expect that enVVeno Medical will post -16.19 earnings per share for the current year.

About enVVeno Medical

enVVeno Medical, Inc is a clinical‐stage medical device company focused on the development and commercialization of subcutaneous vascular access systems for patients requiring repeated or long‐term intravenous therapy. Through its proprietary Freedom® platform, the company aims to offer an implantable alternative to traditional peripherally inserted central catheters (PICCs) and external tunneled catheters, addressing complications such as infection risk, dislodgement and patient discomfort.

The company’s lead product candidate, the Freedom PICC System, consists of a low‐profile, subcutaneous port connected to a flexible catheter designed for peripheral insertion.