Insider Buying: CervoMed (NASDAQ:CRVO) Director Buys $2,999,999.96 in Stock

CervoMed Inc. (NASDAQ:CRVO) Director Joshua Boger purchased 955,414 shares of CervoMed 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 transaction, the director owned 1,795,865 shares in the company, valued at approximately $5,639,016.10. This trade represents a 113.68% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

CervoMed Stock Performance

CRVO stock opened at $3.81 on Thursday. The firm has a market cap of $35.28 million, a PE ratio of -1.16 and a beta of -0.68. The firm’s 50 day moving average price is $3.47 and its 200-day moving average price is $5.14. CervoMed Inc. has a one year low of $2.13 and a one year high of $13.13.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings results on Friday, May 15th. The company reported ($0.86) EPS for the quarter, topping analysts’ consensus estimates of ($0.90) by $0.04. CervoMed had a negative return on equity of 136.08% and a negative net margin of 672.80%. Equities research analysts predict that CervoMed Inc. will post -2.86 EPS for the current fiscal year.

Hedge Funds Weigh In On CervoMed

Several large investors have recently bought and sold shares of the stock. Rhumbline Advisers boosted its stake in 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 acquiring an additional 1,526 shares in the last quarter. State Street Corp boosted its stake in CervoMed by 11.4% in the fourth quarter. State Street Corp now owns 20,527 shares of the company’s stock valued at $162,000 after acquiring an additional 2,100 shares in the last quarter. Vanguard Group Inc. boosted its stake 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 acquiring an additional 3,445 shares in the last quarter. Citizens Financial Group Inc. RI boosted its stake in CervoMed by 23.0% in the fourth quarter. Citizens Financial Group Inc. RI now owns 37,477 shares of the company’s stock valued at $296,000 after acquiring an additional 7,000 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in CervoMed in the fourth quarter valued at $81,000. Institutional investors and hedge funds own 25.15% of the company’s stock.

Analyst Ratings Changes

CRVO has been the topic of a number of research reports. HC Wainwright restated a “buy” rating and set a $25.00 price target on shares of CervoMed in a research note on Thursday, April 23rd. D. Boral Capital reaffirmed a “buy” rating and set a $31.00 price objective on shares of CervoMed in a research report on Wednesday, April 22nd. Chardan Capital upped their price objective on CervoMed from $15.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. Roth Mkm set a $9.00 price objective on CervoMed in a research report on Monday, May 18th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of CervoMed in a research report on Monday, April 20th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, CervoMed presently has an average rating of “Moderate Buy” and a consensus price target of $22.60.

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.