Insider Buying: CervoMed (NASDAQ:CRVO) CEO Buys 10,807 Shares of Stock

CervoMed Inc. (NASDAQ:CRVO) CEO John Alam bought 10,807 shares of CervoMed stock in a transaction dated Monday, November 17th. The shares were acquired at an average cost of $8.46 per share, with a total value of $91,427.22. Following the completion of the purchase, the chief executive officer owned 1,484,078 shares in the company, valued at approximately $12,555,299.88. This trade represents a 0.73% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

CervoMed Stock Performance

NASDAQ:CRVO opened at $8.78 on Wednesday. The company has a fifty day moving average of $7.81 and a two-hundred day moving average of $8.11. CervoMed Inc. has a fifty-two week low of $1.80 and a fifty-two week high of $16.94. The stock has a market capitalization of $81.20 million, a PE ratio of -3.38 and a beta of -0.89.

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

Wall Street Analysts Forecast Growth

CRVO has been the subject of several recent research reports. Chardan Capital reissued a “buy” rating and issued a $15.00 price objective on shares of CervoMed in a research note on Monday, August 11th. HC Wainwright raised shares of CervoMed from a “neutral” rating to a “buy” rating and upped their price objective for the company from $11.00 to $25.00 in a research note on Wednesday, November 5th. Weiss Ratings restated a “sell (d-)” rating on shares of CervoMed in a report on Wednesday, October 8th. D. Boral Capital reissued a “buy” rating and set a $31.00 price objective on shares of CervoMed in a research note on Tuesday, November 11th. Finally, Roth Capital set a $20.00 price target on shares of CervoMed and gave the company a “buy” rating in a research report on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.86.

Institutional Investors Weigh In On CervoMed

A number of institutional investors and hedge funds have recently made changes to their positions in CRVO. Rhumbline Advisers lifted its position in shares of CervoMed by 35.5% during the first quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock worth $53,000 after purchasing an additional 1,526 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in shares of CervoMed during the 3rd quarter worth $91,000. HighTower Advisors LLC acquired a new position in shares of CervoMed during the first quarter worth $104,000. Marshall Wace LLP purchased a new position in CervoMed in the second quarter valued at $76,000. Finally, Bank of New York Mellon Corp acquired a new stake in CervoMed in the first quarter valued at $110,000. 25.15% of the stock is owned by hedge funds and other institutional investors.

CervoMed Company 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.