Insider Buying: CervoMed (NASDAQ:CRVO) Director Acquires 955,414 Shares of Stock

CervoMed Inc. (NASDAQ:CRVO) Director Joshua Boger acquired 955,414 shares of CervoMed stock in a transaction on Thursday, June 11th. The stock was purchased at an average cost of $3.14 per share, with a total value of $2,999,999.96. Following the purchase, the director directly owned 1,795,865 shares of the company’s stock, valued at approximately $5,639,016.10. This trade represents a 113.68% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link.

CervoMed Trading Up 1.2%

NASDAQ CRVO traded up $0.03 during mid-day trading on Monday, hitting $2.48. The company’s stock had a trading volume of 722,620 shares, compared to its average volume of 82,378. The company’s 50 day simple moving average is $3.47 and its 200 day simple moving average is $5.22. CervoMed Inc. has a twelve month low of $2.13 and a twelve month high of $13.13. The firm has a market capitalization of $22.96 million, a price-to-earnings ratio of -0.76 and a beta of -0.68.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings results on Friday, May 15th. The company reported ($0.86) earnings per share (EPS) for the quarter, beating 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%. As a group, research analysts forecast that CervoMed Inc. will post -2.86 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CRVO shares. D. Boral Capital reissued a “buy” rating and issued a $31.00 price target on shares of CervoMed in a research report on Wednesday, April 22nd. HC Wainwright reissued a “buy” rating and issued a $25.00 price target on shares of CervoMed in a research report on Thursday, April 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of CervoMed in a research report on Monday, April 20th. Roth Mkm set a $9.00 price target on shares of CervoMed in a research report on Monday, May 18th. Finally, 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. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $22.60.

Hedge Funds Weigh In On CervoMed

A number of hedge funds have recently bought and sold shares of CRVO. Rhumbline Advisers boosted its holdings in CervoMed by 35.5% during the 1st quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock worth $53,000 after acquiring an additional 1,526 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of CervoMed in the 2nd quarter worth about $76,000. XTX Topco Ltd purchased a new position in shares of CervoMed in the 4th quarter worth about $81,000. Jane Street Group LLC purchased a new position in shares of CervoMed in the 4th quarter worth about $88,000. Finally, GSA Capital Partners LLP purchased a new position in shares of CervoMed in the 3rd quarter worth about $91,000. 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. 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.