Insider Buying: CervoMed (NASDAQ:CRVO) Director Acquires 5,553 Shares of Stock

CervoMed Inc. (NASDAQ:CRVO) Director Sylvie Gregoire acquired 5,553 shares of the business’s stock in a transaction on Wednesday, November 12th. The shares were purchased at an average cost of $7.35 per share, for a total transaction of $40,814.55. Following the completion of the acquisition, the director directly owned 1,467,131 shares in the company, valued at approximately $10,783,412.85. The trade was a 0.38% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

CervoMed Stock Up 4.5%

CervoMed stock traded up $0.34 during midday trading on Thursday, hitting $7.75. 24,710 shares of the stock were exchanged, compared to its average volume of 1,508,847. CervoMed Inc. has a 52-week low of $1.80 and a 52-week high of $16.94. The business’s 50-day moving average price is $7.99 and its 200-day moving average price is $8.18. The stock has a market capitalization of $71.66 million, a price-to-earnings ratio of -2.97 and a beta of -0.89.

CervoMed (NASDAQ:CRVO) last announced its earnings results on Friday, November 7th. The company reported ($0.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.16). The business had revenue of $0.32 million during the quarter, compared to analysts’ expectations of $1.43 million. CervoMed had a negative return on equity of 59.15% and a negative net margin of 290.72%. On average, sell-side analysts predict that CervoMed Inc. will post -1.88 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CRVO has been the topic of a number of recent analyst reports. Canaccord Genuity Group lifted their target price on CervoMed from $21.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, July 29th. Zacks Research downgraded shares of CervoMed from a “hold” rating to a “strong sell” rating in a report on Monday, October 13th. Chardan Capital reiterated a “buy” rating and issued a $15.00 target price on shares of CervoMed in a research note on Monday, August 11th. D. Boral Capital reissued a “buy” rating and set a $31.00 target price on shares of CervoMed in a research report on Tuesday. Finally, HC Wainwright upgraded shares of CervoMed from a “neutral” rating to a “buy” rating and raised their price target for the stock from $11.00 to $25.00 in a research note on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $21.86.

Institutional Investors Weigh In On CervoMed

Several institutional investors have recently made changes to their positions in CRVO. Rhumbline Advisers raised its stake in shares of CervoMed by 35.5% during the 1st quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock valued at $53,000 after purchasing an additional 1,526 shares during the period. GSA Capital Partners LLP bought a new position in shares of CervoMed in the third quarter valued at approximately $91,000. HighTower Advisors LLC purchased a new position in CervoMed during the first quarter valued at approximately $104,000. Marshall Wace LLP bought a new stake in CervoMed during the 2nd quarter worth approximately $76,000. Finally, Bank of New York Mellon Corp bought a new position in CervoMed in the 1st quarter valued at $110,000. Hedge funds and other institutional investors own 25.15% of the company’s stock.

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.