Joshua Boger Acquires 955,414 Shares of CervoMed (NASDAQ:CRVO) Stock

CervoMed Inc. (NASDAQ:CRVO) Director Joshua Boger purchased 955,414 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was acquired at an average cost of $3.14 per share, for a total transaction of $2,999,999.96. Following the completion of the acquisition, the director owned 1,795,865 shares in the company, valued at $5,639,016.10. This represents a 113.68% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website.

CervoMed Trading Up 82.3%

NASDAQ CRVO opened at $4.52 on Wednesday. The stock’s 50 day moving average is $3.47 and its 200 day moving average is $5.18. CervoMed Inc. has a 12 month low of $2.13 and a 12 month high of $13.13. The stock has a market cap of $41.86 million, a PE ratio of -1.38 and a beta of -0.68.

CervoMed (NASDAQ:CRVO) last issued its quarterly earnings data on Friday, May 15th. The company reported ($0.86) earnings per share (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%. On average, analysts forecast that CervoMed Inc. will post -2.86 EPS for the current fiscal year.

Institutional Investors Weigh In On CervoMed

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. raised its stake in shares of CervoMed by 8,425,900.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 84,260 shares of the company’s stock worth $666,000 after purchasing an additional 84,259 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of CervoMed in the second quarter worth about $414,000. Renaissance Technologies LLC purchased a new position in shares of CervoMed in the first quarter worth about $252,000. Citadel Advisors LLC purchased a new position in shares of CervoMed in the third quarter worth about $247,000. Finally, Savvy Advisors Inc. purchased a new position in shares of CervoMed in the third quarter worth about $210,000. 25.15% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Roth Mkm set a $9.00 price target on CervoMed in a research report on Monday, May 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of CervoMed in a research report on Monday, April 20th. HC Wainwright reissued a “buy” rating and set a $25.00 price target on shares of CervoMed in a research report on Thursday, April 23rd. D. Boral Capital reissued a “buy” rating and set a $31.00 price target on shares of CervoMed in a research report on Wednesday, April 22nd. Finally, Chardan Capital increased their price target on CervoMed from $15.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $22.60.

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. 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.