HC Wainwright Reaffirms “Buy” Rating for CervoMed (NASDAQ:CRVO)

CervoMed (NASDAQ:CRVO)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a report issued on Thursday,Benzinga reports.

Several other equities analysts also recently commented on CRVO. Weiss Ratings reiterated a “sell (d-)” rating on shares of CervoMed in a report on Monday, April 20th. D. Boral Capital restated a “buy” rating and set a $31.00 target price on shares of CervoMed in a research note on Wednesday, April 22nd. Chardan Capital lifted their target price on shares of CervoMed from $15.00 to $21.00 and gave the stock a “buy” rating in a report on Wednesday, March 18th. Finally, Roth Capital set a $9.00 price target on shares of CervoMed in a research note on Monday, May 18th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $22.60.

CervoMed Stock Down 0.3%

NASDAQ:CRVO opened at $3.41 on Thursday. CervoMed has a 12-month low of $2.13 and a 12-month high of $13.13. The firm has a market capitalization of $46.14 million, a price-to-earnings ratio of -1.04 and a beta of -0.68. The stock’s 50 day moving average price is $3.37 and its two-hundred day moving average price is $4.61.

CervoMed (NASDAQ:CRVO) last issued its earnings results on Friday, May 15th. The company reported ($0.86) EPS for the quarter, topping the consensus estimate of ($0.90) by $0.04. CervoMed had a negative return on equity of 136.08% and a negative net margin of 672.80%. Equities research analysts expect that CervoMed will post -2.86 EPS for the current year.

Insiders Place Their Bets

In other news, Director Joshua S. Boger bought 955,414 shares of the company’s stock in a transaction dated Thursday, June 11th. The stock was bought at an average price of $3.14 per share, with a total value of $2,999,999.96. Following the completion of the acquisition, the director owned 1,795,865 shares of the company’s stock, valued at $5,639,016.10. This represents a 113.68% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 35.80% of the stock is owned by insiders.

Institutional Trading of CervoMed

A number of institutional investors have recently bought and sold shares of the business. Rhumbline Advisers increased its holdings in shares of CervoMed by 35.5% during the first 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 acquired a new stake in CervoMed during the second quarter worth approximately $76,000. XTX Topco Ltd bought a new position in CervoMed during the 4th quarter worth $81,000. Jane Street Group LLC bought a new position in CervoMed during the 4th quarter worth $88,000. Finally, Dimensional Fund Advisors LP acquired a new position in CervoMed in the 4th quarter valued at $110,000. 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. 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.