CervoMed (NASDAQ:CRVO) CEO Purchases $40,814.55 in Stock

CervoMed Inc. (NASDAQ:CRVO) CEO John Alam acquired 5,553 shares of the stock in a transaction dated Wednesday, November 12th. The stock was acquired at an average price of $7.35 per share, for a total transaction of $40,814.55. Following the completion of the transaction, the chief executive officer directly owned 1,467,131 shares of the company’s stock, valued at approximately $10,783,412.85. This represents a 0.38% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

CervoMed Stock Performance

Shares of CervoMed stock traded up $0.13 on Thursday, hitting $7.54. 8,850 shares of the company traded hands, compared to its average volume of 1,508,767. The stock has a market capitalization of $69.72 million, a P/E ratio of -2.89 and a beta of -0.89. The business has a 50-day simple moving average of $7.99 and a 200 day simple moving average of $8.18. CervoMed Inc. has a 52 week low of $1.80 and a 52 week high of $16.94.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings data on Friday, November 7th. The company reported ($0.84) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.16). CervoMed had a negative net margin of 290.72% and a negative return on equity of 59.15%. The company had revenue of $0.32 million during the quarter, compared to the consensus estimate of $1.43 million. Research analysts expect that CervoMed Inc. will post -1.88 earnings per share for the current year.

Institutional Investors Weigh In On CervoMed

A number of large investors have recently made changes to their positions in CRVO. Rhumbline Advisers increased its holdings in shares of 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 purchasing an additional 1,526 shares during the period. Marshall Wace LLP acquired a new position in CervoMed in the 2nd quarter worth approximately $76,000. Thompson Davis & CO. Inc. acquired a new stake in CervoMed during the 2nd quarter valued at approximately $88,000. GSA Capital Partners LLP purchased a new stake in shares of CervoMed in the 3rd quarter valued at $91,000. Finally, HighTower Advisors LLC acquired a new stake in shares of CervoMed in the first quarter worth $104,000. 25.15% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CRVO has been the subject of a number of research analyst reports. Canaccord Genuity Group lifted their price objective on shares of CervoMed from $21.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, July 29th. D. Boral Capital restated a “buy” rating and set a $31.00 price target on shares of CervoMed in a research note on Tuesday. Chardan Capital reissued a “buy” rating and set a $15.00 target price on shares of CervoMed in a research report on Monday, August 11th. 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. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of CervoMed in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, CervoMed presently has an average rating of “Moderate Buy” and a consensus target price of $21.86.

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.