Analysts Set CervoMed Inc. (NASDAQ:CRVO) PT at $22.60

Shares of CervoMed Inc. (NASDAQ:CRVO) have been assigned an average rating of “Moderate Buy” from the eight research firms that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $22.60.

A number of brokerages have commented on CRVO. HC Wainwright reaffirmed a “buy” rating on shares of CervoMed in a research report on Wednesday, July 15th. D. Boral Capital reissued a “buy” rating and issued a $31.00 price objective on shares of CervoMed in a research note on Wednesday, April 22nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of CervoMed in a research report on Friday, July 17th. Finally, Roth Capital set a $9.00 price objective on shares of CervoMed in a research note on Monday, May 18th.

Insider Buying and Selling at CervoMed

In related news, Director Joshua S. Boger acquired 955,414 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were purchased at an average price 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 of the company’s stock, valued at approximately $5,639,016.10. This trade represents a 113.68% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 35.80% of the company’s stock.

Institutional Trading of CervoMed

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in CervoMed by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 343,463 shares of the company’s stock worth $2,779,000 after buying an additional 3,445 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in shares of CervoMed by 8,425,900.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 84,260 shares of the company’s stock valued at $666,000 after acquiring an additional 84,259 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of CervoMed during the second quarter valued at approximately $414,000. Renaissance Technologies LLC acquired a new position in shares of CervoMed during the first quarter worth approximately $252,000. Finally, Byrne Asset Management LLC raised its position in shares of CervoMed by 248.6% during the second quarter. Byrne Asset Management LLC now owns 51,250 shares of the company’s stock worth $159,000 after purchasing an additional 36,550 shares during the period. 25.15% of the stock is owned by institutional investors.

CervoMed Stock Performance

Shares of NASDAQ CRVO opened at $2.78 on Monday. The company has a market capitalization of $37.61 million, a P/E ratio of -0.85 and a beta of -0.68. CervoMed has a 52-week low of $2.13 and a 52-week high of $13.13. The company’s 50 day moving average price is $3.24 and its 200-day moving average price is $4.27.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings data on Friday, May 15th. The company reported ($0.86) earnings per share for the quarter, topping the consensus estimate of ($0.90) by $0.04. CervoMed had a negative net margin of 672.80% and a negative return on equity of 136.08%. Analysts forecast that CervoMed will post -2.84 earnings per share for the current year.

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.