Short Interest in Vivani Medical, Inc. (NASDAQ:VANI) Drops By 23.0%

Vivani Medical, Inc. (NASDAQ:VANI) was the target of a large decline in short interest in December. As of December 31st, there was short interest totalling 358,000 shares, a decline of 23.0% from the December 15th total of 465,200 shares. Based on an average daily volume of 121,200 shares, the days-to-cover ratio is presently 3.0 days. Approximately 1.2% of the company’s stock are sold short.

Insider Activity

In other Vivani Medical news, Director Gregg Williams purchased 3,968,253 shares of Vivani Medical stock in a transaction dated Friday, November 8th. The stock was acquired at an average price of $1.26 per share, for a total transaction of $4,999,998.78. Following the acquisition, the director now owns 4,695,861 shares in the company, valued at $5,916,784.86. This trade represents a 545.38 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 44.30% of the company’s stock.

Institutional Trading of Vivani Medical

An institutional investor recently raised its position in Vivani Medical stock. Geode Capital Management LLC boosted its stake in shares of Vivani Medical, Inc. (NASDAQ:VANI) by 4.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 342,891 shares of the company’s stock after purchasing an additional 15,008 shares during the period. Geode Capital Management LLC owned approximately 0.62% of Vivani Medical worth $401,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 6.78% of the company’s stock.

Wall Street Analyst Weigh In

Separately, HC Wainwright initiated coverage on shares of Vivani Medical in a research note on Thursday, November 7th. They set a “buy” rating and a $3.00 price objective for the company.

Vivani Medical Stock Up 0.8 %

NASDAQ VANI opened at $1.20 on Wednesday. The firm has a market cap of $71.08 million, a PE ratio of -2.67 and a beta of 3.23. The company has a 50 day moving average price of $1.28 and a 200 day moving average price of $1.26. Vivani Medical has a 52 week low of $1.01 and a 52 week high of $7.80.

Vivani Medical Company Profile

Vivani Medical, Inc, a clinical stage company, develops various implants that treat chronic diseases with high unmet medical need. It engages in developing a portfolio of miniature drug implants to deliver minimally fluctuating drug profiles; and implantable visual prostheses devices to deliver useful artificial vision to blind individuals.