CervoMed Inc. (NASDAQ:CRVO) Given Average Recommendation of “Moderate Buy” by Brokerages

CervoMed Inc. (NASDAQ:CRVO) has received an average rating of “Moderate Buy” from the eight analysts that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $22.60.

A number of analysts have commented on CRVO shares. Weiss Ratings restated a “sell (d-)” rating on shares of CervoMed in a research note on Monday, April 20th. HC Wainwright restated a “buy” rating and set a $25.00 price target on shares of CervoMed in a research note on Thursday, April 23rd. Roth Mkm set a $9.00 price target on shares of CervoMed in a research note on Monday, May 18th. Chardan Capital lifted their price objective on shares of CervoMed from $15.00 to $21.00 and gave the stock a “buy” rating in a report on Wednesday, March 18th. Finally, D. Boral Capital reaffirmed a “buy” rating and set a $31.00 price objective on shares of CervoMed in a report on Wednesday, April 22nd.

CervoMed Trading Down 9.7%

Shares of CRVO stock opened at $3.15 on Thursday. The stock has a market cap of $34.73 million, a price-to-earnings ratio of -0.96 and a beta of -0.68. The stock has a 50-day moving average of $3.43 and a 200-day moving average of $4.85. CervoMed has a 1-year low of $2.13 and a 1-year high of $13.13.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings data on Friday, May 15th. The company reported ($0.86) earnings per share for the quarter, topping the consensus estimate of ($0.90) by $0.04. CervoMed had a negative net margin of 672.80% and a negative return on equity of 136.08%. Sell-side analysts forecast that CervoMed will post -2.86 earnings per share for the current year.

Insider Transactions at CervoMed

In other news, Director Joshua S. Boger acquired 955,414 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were purchased at an average cost of $3.14 per share, with a total value of $2,999,999.96. Following the acquisition, the director directly owned 1,795,865 shares of the company’s stock, valued at $5,639,016.10. The trade was a 113.68% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 35.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CervoMed

Several large investors have recently added to or reduced their stakes in the company. Rhumbline Advisers increased its holdings in shares of CervoMed by 35.5% in 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 during the period. Marshall Wace LLP bought a new stake in shares of CervoMed during the 2nd quarter valued at about $76,000. XTX Topco Ltd purchased a new position in shares of CervoMed during the fourth quarter worth about $81,000. Jane Street Group LLC purchased a new position in shares of CervoMed during the fourth quarter worth about $88,000. Finally, GSA Capital Partners LLP bought a new position in shares of CervoMed in the third quarter worth approximately $91,000. Hedge funds and other institutional investors own 25.15% of the company’s stock.

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. The company also develops EIP200 for central nervous system which is in preclinical trials. CervoMed Inc was founded in 2010 and is headquartered in Boston, Massachusetts.