CervoMed (NASDAQ:CRVO) Upgraded at Zacks Research

Zacks Research upgraded shares of CervoMed (NASDAQ:CRVO) from a strong sell rating to a hold rating in a research note published on Monday,Zacks.com reports.

A number of other research analysts have also weighed in on CRVO. HC Wainwright reaffirmed a “buy” rating and set a $25.00 target price on shares of CervoMed in a report on Thursday, December 18th. Cantor Fitzgerald started coverage on shares of CervoMed in a research report on Thursday, December 18th. They issued an “overweight” rating for the company. Roth Capital set a $20.00 price objective on shares of CervoMed and gave the company a “buy” rating in a research note on Friday, October 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of CervoMed in a research note on Wednesday, October 8th. Finally, D. Boral Capital reissued a “buy” rating and issued a $31.00 price target on shares of CervoMed in a report on Tuesday, December 2nd. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, CervoMed currently has an average rating of “Moderate Buy” and a consensus target price of $21.86.

CervoMed Price Performance

NASDAQ:CRVO opened at $6.99 on Monday. CervoMed has a 1 year low of $1.92 and a 1 year high of $16.94. The stock’s fifty day moving average price is $8.20 and its two-hundred day moving average price is $8.25. The company has a market cap of $64.66 million, a P/E ratio of -2.41 and a beta of -0.89.

CervoMed (NASDAQ:CRVO) last announced its quarterly earnings results on Friday, November 7th. The company reported ($0.84) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.16). CervoMed had a negative net margin of 415.27% and a negative return on equity of 76.78%. The company had revenue of $0.32 million during the quarter, compared to analysts’ expectations of $1.43 million. On average, analysts expect that CervoMed will post -1.88 earnings per share for the current fiscal year.

Insider Activity at CervoMed

In related news, insider Matthew Winton bought 3,500 shares of the company’s stock in a transaction on Monday, November 17th. The stock was acquired at an average cost of $8.43 per share, for a total transaction of $29,505.00. Following the completion of the transaction, the insider directly owned 13,500 shares in the company, valued at $113,805. This trade represents a 35.00% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Sylvie Gregoire purchased 10,807 shares of the business’s stock in a transaction on Monday, November 17th. The stock was bought at an average cost of $8.46 per share, with a total value of $91,427.22. Following the purchase, the director owned 12,500 shares in the company, valued at approximately $105,750. This represents a 638.33% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 92,000 shares of company stock valued at $737,723 over the last three months. 35.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Thompson Davis & CO. Inc. purchased a new position in shares of CervoMed in the 2nd quarter worth about $88,000. Citizens Financial Group Inc. RI raised its holdings in shares of CervoMed by 14.2% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 30,477 shares of the company’s stock valued at $247,000 after buying an additional 3,800 shares in the last quarter. Savvy Advisors Inc. bought a new stake in CervoMed in the 3rd quarter worth approximately $210,000. Readystate Asset Management LP purchased a new stake in CervoMed in the third quarter worth approximately $118,000. Finally, GSA Capital Partners LLP purchased a new stake in CervoMed in the third quarter worth approximately $91,000. 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.