Insider Buying: CervoMed (NASDAQ:CRVO) CFO Purchases 2,500 Shares of Stock

CervoMed Inc. (NASDAQ:CRVO) CFO William Robert Elder acquired 2,500 shares of the stock in a transaction on Tuesday, November 18th. The stock was bought at an average price of $8.32 per share, for a total transaction of $20,800.00. Following the transaction, the chief financial officer owned 12,500 shares in the company, valued at approximately $104,000. This represents a 25.00% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink.

William Robert Elder also recently made the following trade(s):

• On Monday, November 17th, William Robert Elder bought 1,000 shares of CervoMed stock. The shares were acquired at an average price of $8.45 per share, for a total transaction of $8,450.00.
• On Wednesday, November 12th, William Robert Elder acquired 3,500 shares of CervoMed stock. The shares were bought at an average cost of $7.44 per share, for a total transaction of $26,040.00.

CervoMed Stock Up 5.7%

Shares of NASDAQ CRVO opened at $8.78 on Wednesday. CervoMed Inc. has a 52-week low of $1.80 and a 52-week high of $16.94. The company’s 50-day simple moving average is $7.81 and its 200-day simple moving average is $8.11. The firm has a market cap of $81.20 million, a price-to-earnings ratio of -3.36 and a beta of -0.89.

CervoMed (NASDAQ:CRVO) last issued its quarterly 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). CervoMed had a negative net margin of 290.72% and a negative return on equity of 59.15%. The company had revenue of $0.32 million during the quarter, compared to analysts’ expectations of $1.43 million. Equities research analysts anticipate that CervoMed Inc. will post -1.88 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CRVO. HC Wainwright raised CervoMed from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $11.00 to $25.00 in a research note on Wednesday, November 5th. Zacks Research lowered shares of CervoMed from a “hold” rating to a “strong sell” rating in a report on Monday, October 13th. D. Boral Capital reissued a “buy” rating and issued a $31.00 price target on shares of CervoMed in a research note on Tuesday, November 11th. Chardan Capital restated a “buy” rating and set a $15.00 price target on shares of CervoMed in a research report on Monday, August 11th. Finally, Roth Capital set a $20.00 price objective on shares of CervoMed and gave the company a “buy” rating in a report on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, CervoMed has an average rating of “Moderate Buy” and an average price target of $21.86.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CRVO. Rhumbline Advisers boosted its stake in shares of CervoMed by 35.5% in the first 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. Thompson Davis & CO. Inc. increased its position in shares of CervoMed by 20.8% during the third quarter. Thompson Davis & CO. Inc. now owns 16,850 shares of the company’s stock worth $136,000 after acquiring an additional 2,900 shares during the period. Vanguard Group Inc. boosted its holdings in CervoMed by 1.0% in 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 during the period. Citizens Financial Group Inc. RI grew its stake in CervoMed by 14.2% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 30,477 shares of the company’s stock worth $247,000 after purchasing an additional 3,800 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in CervoMed during the 3rd quarter worth about $91,000. 25.15% of the stock is currently owned by institutional investors and hedge funds.

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.