CervoMed (NASDAQ:CRVO) CEO John Alam Buys 4,447 Shares

CervoMed Inc. (NASDAQ:CRVO) CEO John Alam purchased 4,447 shares of the stock in a transaction dated Thursday, November 13th. The shares were acquired at an average price of $7.51 per share, for a total transaction of $33,396.97. Following the acquisition, the chief executive officer directly owned 1,471,578 shares of the company’s stock, valued at $11,051,550.78. This represents a 0.30% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

CervoMed Price Performance

CervoMed stock traded up $0.61 during mid-day trading on Monday, hitting $8.29. The company’s stock had a trading volume of 33,344 shares, compared to its average volume of 1,495,811. CervoMed Inc. has a 52-week low of $1.80 and a 52-week high of $16.94. The firm’s 50 day moving average is $7.88 and its 200 day moving average is $8.14. The company has a market cap of $76.71 million, a PE ratio of -3.18 and a beta of -0.89.

CervoMed (NASDAQ:CRVO) last posted 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). 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 during the quarter, compared to analysts’ expectations of $1.43 million. As a group, analysts forecast that CervoMed Inc. will post -1.88 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on CRVO shares. Chardan Capital restated a “buy” rating and set a $15.00 price target on shares of CervoMed in a report on Monday, August 11th. Canaccord Genuity Group raised their price target on CervoMed from $21.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, July 29th. Roth Capital set a $20.00 price target on CervoMed and gave the company a “buy” rating in a research note on Friday, October 17th. Zacks Research downgraded CervoMed from a “hold” rating to a “strong sell” rating in a report on Monday, October 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of CervoMed in a research note on Wednesday, October 8th. 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. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.86.

Hedge Funds Weigh In On CervoMed

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRVO. Citadel Advisors LLC acquired a new stake in shares of CervoMed in the third quarter valued at about $247,000. Two Sigma Investments LP acquired a new stake in shares of CervoMed in the third quarter worth $138,000. Readystate Asset Management LP bought a new stake in CervoMed in the 3rd quarter valued at $118,000. GSA Capital Partners LLP acquired a new stake in CervoMed in the 3rd quarter worth $91,000. Finally, Vanguard Group Inc. increased its holdings in shares of CervoMed by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 343,463 shares of the company’s stock worth $2,779,000 after purchasing an additional 3,445 shares during the period. Institutional investors and hedge funds own 25.15% of the company’s stock.

About CervoMed

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.