CervoMed (NASDAQ:CRVO) Given Buy Rating at HC Wainwright

CervoMed (NASDAQ:CRVO)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a report released on Thursday,Benzinga reports.

Several other equities research analysts have also recently weighed in on CRVO. Chardan Capital upped their target price on CervoMed from $15.00 to $21.00 and gave the stock a “buy” rating in a research note on Wednesday, March 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of CervoMed in a report on Monday, April 20th. Roth Capital set a $9.00 price objective on CervoMed in a research report on Monday, May 18th. Finally, D. Boral Capital reaffirmed a “buy” rating and issued a $31.00 price objective on shares of CervoMed in a research note on Wednesday, April 22nd. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.60.

CervoMed Trading Down 0.3%

Shares of NASDAQ:CRVO opened at $3.41 on Thursday. The firm has a 50 day moving average of $3.37 and a 200-day moving average of $4.61. The stock has a market capitalization of $46.14 million, a PE ratio of -1.04 and a beta of -0.68. CervoMed has a 12 month low of $2.13 and a 12 month high of $13.13.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings results on Friday, May 15th. The company reported ($0.86) earnings per share (EPS) 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%. On average, research analysts predict that CervoMed will post -2.86 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On CervoMed

Several hedge funds have recently modified their holdings of CRVO. Rhumbline Advisers boosted its holdings in shares of CervoMed by 35.5% during the 1st 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 raised its position 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 purchasing an additional 2,100 shares during the last quarter. Vanguard Group Inc. raised its position 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 purchasing an additional 3,445 shares during the last quarter. Citizens Financial Group Inc. RI boosted its stake in shares of CervoMed by 23.0% during the fourth quarter. Citizens Financial Group Inc. RI now owns 37,477 shares of the company’s stock valued at $296,000 after purchasing an additional 7,000 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of CervoMed during the fourth quarter valued at about $81,000. Institutional investors and hedge funds 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.