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

Shares of CervoMed Inc. (NASDAQ:CRVO) have been given a consensus rating of “Moderate Buy” by the eight ratings firms that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $22.60.

CRVO has been the topic of a number of recent research reports. D. Boral Capital reissued a “buy” rating and issued a $31.00 target price on shares of CervoMed in a research report on Wednesday, April 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of CervoMed in a research report on Monday, April 20th. Chardan Capital boosted their price target on CervoMed from $15.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. Roth Mkm set a $9.00 price target on CervoMed in a research report on Monday, May 18th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $25.00 price target on shares of CervoMed in a research report on Thursday, April 23rd.

CervoMed Stock Performance

Shares of CervoMed stock opened at $3.26 on Thursday. The business’s 50 day simple moving average is $3.47 and its 200 day simple moving average is $4.96. CervoMed has a 52-week low of $2.13 and a 52-week high of $13.13. The firm has a market cap of $35.96 million, a PE ratio of -0.99 and a beta of -0.68.

CervoMed (NASDAQ:CRVO) last announced its earnings results on Friday, May 15th. The company reported ($0.86) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.90) by $0.04. CervoMed had a negative return on equity of 136.08% and a negative net margin of 672.80%. As a group, equities research analysts predict that CervoMed will post -2.86 EPS for the current year.

Insider Buying and Selling at CervoMed

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Rhumbline Advisers increased its position in shares of CervoMed by 35.5% during the 1st 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 last quarter. State Street Corp increased its position in shares of CervoMed by 11.4% during the 4th quarter. State Street Corp now owns 20,527 shares of the company’s stock worth $162,000 after purchasing an additional 2,100 shares during the last quarter. Vanguard Group Inc. increased its position 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 last quarter. Citizens Financial Group Inc. RI increased its position in shares of CervoMed by 23.0% during the 4th quarter. Citizens Financial Group Inc. RI now owns 37,477 shares of the company’s stock worth $296,000 after purchasing an additional 7,000 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of CervoMed during the 4th quarter worth approximately $81,000. Institutional investors and hedge funds 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.