CervoMed (NASDAQ:CRVO) Shares Up 7.9% – Here’s Why

Shares of CervoMed Inc. (NASDAQ:CRVO) traded up 7.9% on Tuesday. The company traded as high as $2.92 and last traded at $2.88. Approximately 448,931 shares changed hands during mid-day trading, an increase of 197% from the average session volume of 151,130 shares. The stock had previously closed at $2.67.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on CRVO shares. HC Wainwright reissued a “buy” rating on shares of CervoMed in a research note on Wednesday, August 12th. Chardan Capital raised shares of CervoMed to a “strong-buy” rating in a research report on Monday, August 3rd. Weiss Ratings lowered shares of CervoMed from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, September 3rd. Roth Capital set a $7.00 target price on shares of CervoMed in a research report on Thursday, August 20th. Finally, Wall Street Zen raised shares of CervoMed from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 15th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $21.00.

CervoMed Stock Performance

The business has a 50 day moving average of $2.64 and a two-hundred day moving average of $3.25. The firm has a market capitalization of $43.55 million, a price-to-earnings ratio of -0.89 and a beta of -0.64.

CervoMed (NASDAQ:CRVO) last announced its quarterly earnings data on Friday, August 7th. The company reported ($0.64) EPS for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.22. CervoMed had a negative return on equity of 156.02% and a negative net margin of 672.80%. On average, equities analysts predict that CervoMed Inc. will post -2.38 EPS for the current fiscal year.

Institutional Trading of CervoMed

Several hedge funds have recently bought and sold shares of CRVO. Citizens Financial Group Inc. RI acquired a new position in CervoMed during the second quarter worth $116,000. Byrne Asset Management LLC grew its holdings in shares of CervoMed by 248.6% during the second quarter. Byrne Asset Management LLC now owns 51,250 shares of the company’s stock valued at $159,000 after buying an additional 36,550 shares during the last quarter. BlackRock Inc. bought a new stake in shares of CervoMed during the second quarter worth about $167,000. Renaissance Technologies LLC acquired a new stake in shares of CervoMed in the 1st quarter worth about $252,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of CervoMed by 8,425,900.0% in the 4th 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. Institutional investors and hedge funds own 25.15% of the company’s stock.

CervoMed Company Profile

CervoMed Inc (NASDAQ: CRVO) is a clinical-stage biopharmaceutical company focused on developing treatments for neurodegenerative diseases. The company’s research is centered on therapies that address cognitive and functional impairment associated with disorders of the central nervous system.

CervoMed’s lead product candidate is neflamapimod, an orally administered, small-molecule inhibitor of p38 alpha mitogen-activated protein kinase. The company is evaluating neflamapimod as a potential treatment for dementia with Lewy bodies, a progressive neurodegenerative disorder characterized by cognitive decline, fluctuations in attention, visual hallucinations and movement-related symptoms.