CervoMed (NASDAQ:CRVO) Upgraded to “Strong-Buy” at Chardan Capital

CervoMed (NASDAQ:CRVO) was upgraded by equities research analysts at Chardan Capital to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

CRVO has been the subject of several other research reports. Weiss Ratings cut shares of CervoMed from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, July 31st. Roth Capital set a $9.00 price objective on CervoMed in a research note on Monday, May 18th. D. Boral Capital reiterated a “buy” rating and set a $31.00 target price on shares of CervoMed in a report on Wednesday, April 22nd. Finally, HC Wainwright reiterated a “buy” rating on shares of CervoMed in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.50.

CervoMed Stock Up 0.4%

CervoMed stock opened at $2.81 on Monday. The stock has a market cap of $38.01 million, a P/E ratio of -0.86 and a beta of -0.63. The company’s 50 day moving average price is $3.13 and its two-hundred day moving average price is $3.92. CervoMed has a 52 week low of $2.13 and a 52 week high of $11.25.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings data on Friday, May 15th. The company reported ($0.86) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.90) by $0.04. CervoMed had a negative net margin of 672.80% and a negative return on equity of 136.08%. On average, equities analysts anticipate that CervoMed will post -2.84 EPS for the current year.

Insiders Place Their Bets

In other CervoMed news, Director Joshua S. Boger purchased 955,414 shares of the business’s stock in a transaction on Thursday, June 11th. The stock was acquired at an average price of $3.14 per share, for a total transaction of $2,999,999.96. Following the purchase, the director owned 1,795,865 shares of the company’s stock, valued at approximately $5,639,016.10. This represents a 113.68% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 35.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CervoMed

Several institutional investors have recently added to or reduced their stakes in CRVO. AQR Capital Management LLC bought a new position in shares of CervoMed during the 1st quarter valued at approximately $227,000. Rhumbline Advisers increased 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 purchasing an additional 1,526 shares during the period. Marshall Wace LLP purchased a new position in shares of CervoMed during the second quarter valued at $76,000. Jane Street Group LLC purchased a new stake in CervoMed in the second quarter worth about $414,000. Finally, Vanguard Group Inc. boosted its stake in shares of CervoMed by 1.0% during the third quarter. Vanguard Group Inc. now owns 343,463 shares of the company’s stock valued at $2,779,000 after purchasing an additional 3,445 shares in the last quarter. 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.