CervoMed (NASDAQ:CRVO) Upgraded at Chardan Capital

Chardan Capital upgraded shares of CervoMed (NASDAQ:CRVO) to a strong-buy rating in a research report report published on Monday,Zacks.com reports.

Other analysts have also recently issued reports about the company. Weiss Ratings cut CervoMed from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, July 31st. D. Boral Capital restated a “buy” rating and set a $31.00 price objective on shares of CervoMed in a research note on Wednesday, April 22nd. HC Wainwright reiterated a “buy” rating on shares of CervoMed in a research note on Wednesday, July 15th. Finally, Roth Capital set a $9.00 price objective on shares of CervoMed in a research report on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, CervoMed presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.50.

CervoMed Trading Up 0.4%

Shares of NASDAQ:CRVO opened at $2.81 on Monday. CervoMed has a 12-month low of $2.13 and a 12-month high of $11.25. The stock’s 50-day moving average price is $3.13 and its two-hundred day moving average price is $3.92. The firm has a market cap of $38.01 million, a price-to-earnings ratio of -0.86 and a beta of -0.63.

CervoMed (NASDAQ:CRVO) last issued its earnings results on Friday, May 15th. The company reported ($0.86) earnings per share (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%. As a group, research analysts forecast that CervoMed will post -2.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Joshua S. Boger purchased 955,414 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was purchased at an average cost of $3.14 per share, with a total value of $2,999,999.96. Following the purchase, the director owned 1,795,865 shares in the company, valued at $5,639,016.10. This trade represents a 113.68% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 35.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On CervoMed

Large investors have recently made changes to their positions in the business. Rhumbline Advisers boosted its holdings in CervoMed by 35.5% during the first quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock worth $53,000 after buying an additional 1,526 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of CervoMed during the second quarter worth $76,000. XTX Topco Ltd purchased a new stake in shares of CervoMed during the fourth quarter valued at $81,000. Jane Street Group LLC acquired a new stake in CervoMed during the 4th quarter worth about $88,000. Finally, Dimensional Fund Advisors LP purchased a new stake in CervoMed during the fourth quarter valued at about $110,000. Institutional investors own 25.15% of the company’s stock.

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.