Thompson Davis & CO. Inc. Makes New $88,000 Investment in CervoMed Inc. $CRVO

Thompson Davis & CO. Inc. bought a new stake in shares of CervoMed Inc. (NASDAQ:CRVO) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 13,950 shares of the company’s stock, valued at approximately $88,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Nuveen LLC bought a new position in shares of CervoMed in the 1st quarter worth $312,000. HighTower Advisors LLC bought a new stake in CervoMed during the first quarter valued at about $104,000. AWM Investment Company Inc. purchased a new position in CervoMed in the first quarter valued at about $7,898,000. Citizens Financial Group Inc. RI purchased a new position in CervoMed in the first quarter valued at about $244,000. Finally, Bank of New York Mellon Corp bought a new position in CervoMed in the first quarter worth about $110,000. 25.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Sylvie Gregoire purchased 5,553 shares of the stock in a transaction on Wednesday, November 12th. The stock was bought at an average price of $7.35 per share, with a total value of $40,814.55. Following the transaction, the director owned 1,467,131 shares in the company, valued at $10,783,412.85. The trade was a 0.38% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John J. Alam purchased 5,553 shares of the company’s stock in a transaction on Wednesday, November 12th. The shares were purchased at an average price of $7.35 per share, for a total transaction of $40,814.55. Following the purchase, the chief executive officer owned 1,467,131 shares in the company, valued at approximately $10,783,412.85. The trade was a 0.38% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased 14,606 shares of company stock valued at $107,669 over the last ninety days. 35.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CRVO. HC Wainwright upgraded shares of CervoMed from a “neutral” rating to a “buy” rating and raised their price target for the company from $11.00 to $25.00 in a report on Wednesday, November 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of CervoMed in a research report on Wednesday, October 8th. Roth Capital set a $20.00 target price on shares of CervoMed and gave the company a “buy” rating in a research note on Friday, October 17th. Chardan Capital reaffirmed a “buy” rating and set a $15.00 price target on shares of CervoMed in a research report on Monday, August 11th. Finally, Canaccord Genuity Group increased their price objective on CervoMed from $21.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.86.

CervoMed Stock Down 2.2%

CRVO stock opened at $7.25 on Friday. The firm has a 50 day moving average of $7.94 and a 200 day moving average of $8.17. The stock has a market capitalization of $67.08 million, a PE ratio of -2.78 and a beta of -0.89. CervoMed Inc. has a 52 week low of $1.80 and a 52 week high of $16.94.

CervoMed (NASDAQ:CRVO) last issued its quarterly earnings results on Friday, November 7th. The company reported ($0.84) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.16). The company had revenue of $0.32 million for the quarter, compared to analyst estimates of $1.43 million. CervoMed had a negative net margin of 290.72% and a negative return on equity of 59.15%. On average, equities research analysts expect that CervoMed Inc. will post -1.88 earnings per share for the current year.

CervoMed Profile

CervoMed Inc, a biotechnology company, engages in the development and commercialization of treatments for age-related neurologic disorders. 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.