CervoMed (NASDAQ:CRVO) CFO William Robert Elder Purchases 3,500 Shares of Stock

CervoMed Inc. (NASDAQ:CRVO) CFO William Robert Elder purchased 3,500 shares of CervoMed stock in a transaction on Wednesday, November 12th. The shares were acquired at an average cost of $7.44 per share, with a total value of $26,040.00. Following the completion of the transaction, the chief financial officer directly owned 9,000 shares in the company, valued at $66,960. The trade was a 63.64% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

CervoMed Stock Up 4.1%

Shares of NASDAQ:CRVO traded up $0.30 during trading on Friday, hitting $7.55. 42,120 shares of the stock traded hands, compared to its average volume of 1,502,431. The company has a market cap of $69.86 million, a price-to-earnings ratio of -2.89 and a beta of -0.89. The company has a fifty day moving average price of $7.94 and a two-hundred day moving average price of $8.17. CervoMed Inc. has a 52-week low of $1.80 and a 52-week high of $16.94.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings data on Friday, November 7th. The company reported ($0.84) EPS 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 analyst estimates of $1.43 million. CervoMed had a negative net margin of 290.72% and a negative return on equity of 59.15%. On average, equities research analysts predict that CervoMed Inc. will post -1.88 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CRVO has been the subject of a number of research reports. Zacks Research cut CervoMed from a “hold” rating to a “strong sell” rating in a research note on Monday, October 13th. Roth Capital set a $20.00 price objective on shares of CervoMed and gave the stock a “buy” rating in a report on Friday, October 17th. Canaccord Genuity Group raised their price target on shares of CervoMed from $21.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, July 29th. HC Wainwright raised CervoMed from a “neutral” rating to a “buy” rating and raised their price target for the company from $11.00 to $25.00 in a report on Wednesday, November 5th. Finally, D. Boral Capital reiterated a “buy” rating and issued a $31.00 target price on shares of CervoMed in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $21.86.

Institutional Investors Weigh In On CervoMed

Several institutional investors have recently modified their holdings of CRVO. Two Sigma Investments LP bought a new stake in CervoMed in the third quarter valued at about $138,000. Readystate Asset Management LP bought a new stake in shares of CervoMed in the 3rd quarter valued at $118,000. GSA Capital Partners LLP acquired a new stake in CervoMed during the 3rd quarter worth $91,000. Vanguard Group Inc. lifted its holdings in CervoMed by 1.0% during the third quarter. Vanguard Group Inc. now owns 343,463 shares of the company’s stock worth $2,779,000 after acquiring an additional 3,445 shares in the last quarter. Finally, Savvy Advisors Inc. acquired a new position in CervoMed in the third quarter valued at about $210,000. Institutional investors and hedge funds 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.