CervoMed Inc. (NASDAQ:CRVO) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of CervoMed Inc. (NASDAQ:CRVO) have received an average recommendation of “Moderate Buy” from the eight ratings firms that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $22.60.

A number of brokerages have issued reports on CRVO. HC Wainwright reissued a “buy” rating on shares of CervoMed in a report on Wednesday, July 15th. Roth Capital set a $9.00 price target on CervoMed in a research report on Monday, May 18th. D. Boral Capital reiterated a “buy” rating and set a $31.00 price objective on shares of CervoMed in a research note on Wednesday, April 22nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of CervoMed in a report on Monday, April 20th.

CervoMed Price Performance

CRVO opened at $3.08 on Monday. The company has a market capitalization of $41.67 million, a price-to-earnings ratio of -0.94 and a beta of -0.68. The firm has a 50-day moving average price of $3.30 and a 200-day moving average price of $4.37. CervoMed has a twelve month low of $2.13 and a twelve month high of $13.13.

CervoMed (NASDAQ:CRVO) last announced its quarterly earnings results on Friday, May 15th. The company reported ($0.86) EPS for the quarter, beating analysts’ consensus estimates of ($0.90) by $0.04. CervoMed had a negative net margin of 672.80% and a negative return on equity of 136.08%. On average, sell-side analysts expect that CervoMed will post -2.84 earnings per share for the current fiscal year.

Insider Buying and Selling at CervoMed

In related news, Director Joshua S. Boger purchased 955,414 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were purchased at an average cost of $3.14 per share, for a total transaction of $2,999,999.96. Following the completion of the transaction, the director directly owned 1,795,865 shares in the company, valued at approximately $5,639,016.10. This represents a 113.68% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 35.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CervoMed

A number of large investors have recently modified their holdings of the company. Rhumbline Advisers boosted its stake in CervoMed by 35.5% during the first quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock valued at $53,000 after buying an additional 1,526 shares during the period. State Street Corp grew its position in CervoMed by 11.4% during the fourth quarter. State Street Corp now owns 20,527 shares of the company’s stock worth $162,000 after buying an additional 2,100 shares in the last quarter. Vanguard Group Inc. increased its stake in CervoMed by 1.0% in the 3rd 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 during the last quarter. Citizens Financial Group Inc. RI increased its stake in CervoMed by 23.0% in the 4th quarter. Citizens Financial Group Inc. RI now owns 37,477 shares of the company’s stock worth $296,000 after acquiring an additional 7,000 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of CervoMed in the 4th quarter valued at about $81,000. 25.15% of the stock is currently owned by institutional investors.

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.