HC Wainwright Reiterates Buy Rating for CervoMed (NASDAQ:CRVO)

CervoMed (NASDAQ:CRVO)‘s stock had its “buy” rating reiterated by HC Wainwright in a research report issued on Wednesday,Benzinga reports.

A number of other analysts have also issued reports on CRVO. Roth Capital set a $9.00 price target on shares of CervoMed in a research note on Monday, May 18th. D. Boral Capital reissued a “buy” rating and set a $31.00 price objective on shares of CervoMed in a report on Wednesday, April 22nd. Chardan Capital raised shares of CervoMed to a “strong-buy” rating in a research report on Monday, August 3rd. Finally, Weiss Ratings lowered shares of CervoMed from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $21.50.

CervoMed Stock Up 8.0%

Shares of NASDAQ CRVO opened at $3.09 on Wednesday. CervoMed has a fifty-two week low of $2.13 and a fifty-two week high of $11.25. The business has a 50 day moving average price of $3.12 and a two-hundred day moving average price of $3.80. The firm has a market cap of $46.72 million, a PE ratio of -0.96 and a beta of -0.63.

CervoMed (NASDAQ:CRVO) last announced its earnings results on Friday, August 7th. The company reported ($0.64) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.22. CervoMed had a negative return on equity of 166.00% and a negative net margin of 672.80%. On average, analysts anticipate that CervoMed will post -2.84 earnings per share for the current year.

Insider Buying and Selling

In other CervoMed news, Director Joshua S. Boger bought 955,414 shares of the stock in a transaction on Thursday, June 11th. The stock was purchased at an average price of $3.14 per share, for a total transaction of $2,999,999.96. Following the completion of the purchase, the director directly owned 1,795,865 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through this hyperlink. 35.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Vanguard Group Inc. grew 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 valued at $2,779,000 after buying an additional 3,445 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in CervoMed by 8,425,900.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 84,260 shares of the company’s stock worth $666,000 after acquiring an additional 84,259 shares during the last quarter. Jane Street Group LLC bought a new position in CervoMed in the second quarter worth about $414,000. Renaissance Technologies LLC acquired a new position in CervoMed in the first quarter valued at approximately $252,000. Finally, BlackRock Inc. acquired a new position in CervoMed in the second quarter valued at approximately $167,000. 25.15% of the stock is currently owned by institutional investors.

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. 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.