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ElectroCore, Inc. (NASDAQ:ECOR) Sees Large Decline in Short Interest

Financial News Live · Jan 21, 2023 22:51

electroCore, Inc. (NASDAQ:ECOR – Get Rating) was the target of a significant decrease in short interest in December. As of December 30th, there was short interest totalling 771,000 shares, a decrease of 11.9% from the December 15th total of 875,000 shares. Based on an average trading volume of 342,200 shares, the short-interest ratio is presently 2.3 days.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Brookline Capital Acquisition started coverage on electroCore in a research note on Friday, January 13th. They set a "buy" rating on the stock. Brookline Capital Management reissued a "buy" rating on shares of electroCore in a report on Thursday, January 12th. Finally, Berenberg Bank cut their price objective on electroCore from GBX 390 ($4.76) to GBX 330 ($4.03) and set a "buy" rating for the company in a report on Thursday, October 6th.

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electroCore Stock Up 3.8 %

Shares of ECOR traded up $0.01 during mid-day trading on Friday, hitting $0.38. 168,238 shares of the company's stock traded hands, compared to its average volume of 299,329. electroCore has a 1 year low of $0.20 and a 1 year high of $0.72. The firm has a market capitalization of $27.04 million, a P/E ratio of -1.23 and a beta of 0.93. The business's 50-day moving average price is $0.31 and its 200-day moving average price is $7.79.

electroCore (NASDAQ:ECOR – Get Rating) last issued its quarterly earnings results on Thursday, November 3rd. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.01). The firm had revenue of $1.98 million during the quarter. electroCore had a negative return on equity of 72.36% and a negative net margin of 283.41%. Sell-side analysts anticipate that electroCore will post -0.3 earnings per share for the current fiscal year.

Insider Activity at electroCore

In related news, Director Joseph P. Errico bought 100,000 shares of the company's stock in a transaction dated Tuesday, December 13th. The stock was purchased at an average price of $0.33 per share, with a total value of $33,000.00. Following the completion of the acquisition, the director now owns 2,724,841 shares of the company's stock, valued at $899,197.53. The purchase was disclosed in a document filed with the SEC, which is available through this link. Over the last three months, insiders have acquired 670,000 shares of company stock worth $186,650. Corporate insiders own 13.11% of the company's stock.

Institutional Investors Weigh In On electroCore

A number of institutional investors have recently modified their holdings of ECOR. Valeo Financial Advisors LLC lifted its holdings in shares of electroCore by 1.2% during the second quarter. Valeo Financial Advisors LLC now owns 1,844,500 shares of the company's stock valued at $941,000 after purchasing an additional 22,250 shares in the last quarter. Jaffetilchin Investment Partners LLC lifted its holdings in electroCore by 31.6% in the first quarter. Jaffetilchin Investment Partners LLC now owns 307,984 shares of the company's stock valued at $82,000 after acquiring an additional 74,000 shares during the period. Millennium Management LLC lifted its holdings in electroCore by 173.3% in the second quarter. Millennium Management LLC now owns 119,707 shares of the company's stock valued at $61,000 after acquiring an additional 75,908 shares during the period. Virtu Financial LLC bought a new position in electroCore in the first quarter valued at about $53,000. Finally, Renaissance Technologies LLC lifted its holdings in electroCore by 102.2% in the second quarter. Renaissance Technologies LLC now owns 262,848 shares of the company's stock valued at $134,000 after acquiring an additional 132,848 shares during the period. 17.76% of the stock is owned by hedge funds and other institutional investors.

electroCore Company Profile

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electroCore, Inc engages in the provision of non-invasive vagus nerve stimulation (nVNS) therapy. It develops a platform bioelectronic medical therapy that modulates neurotransmitters and immune function through its effects on both the peripheral and central nervous systems. The company was founded by Joseph P.