CervoMed (NASDAQ:CRVO) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of CervoMed (NASDAQ:CRVO) from a strong sell rating to a sell rating in a research note issued to investors on Saturday.

Other research analysts have also recently issued research reports about the company. Weiss Ratings cut CervoMed from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, July 31st. D. Boral Capital restated a “buy” rating and issued a $31.00 target price on shares of CervoMed in a report on Wednesday, April 22nd. Chardan Capital raised CervoMed to a “strong-buy” rating in a research report on Monday, August 3rd. HC Wainwright reaffirmed a “buy” rating on shares of CervoMed in a report on Wednesday, August 12th. Finally, Roth Capital set a $9.00 price target on CervoMed in a research report on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, CervoMed currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.50.

CervoMed Stock Performance

Shares of NASDAQ CRVO opened at $2.61 on Friday. The stock has a fifty day moving average price of $3.11 and a two-hundred day moving average price of $3.71. The firm has a market cap of $39.46 million, a P/E ratio of -0.81 and a beta of -0.63. CervoMed has a 1 year low of $2.13 and a 1 year high of $11.25.

CervoMed (NASDAQ:CRVO) last issued its quarterly earnings results on Friday, August 7th. The company reported ($0.64) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.86) by $0.22. CervoMed had a negative return on equity of 156.02% and a negative net margin of 672.80%. On average, research analysts predict that CervoMed will post -2.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Joshua S. Boger acquired 955,414 shares of the stock in a transaction on 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 35.80% of the company’s stock.

Institutional Trading of CervoMed

A number of hedge funds have recently modified their holdings of the business. AQR Capital Management LLC acquired a new stake in shares of CervoMed in the first quarter worth $227,000. Rhumbline Advisers raised its position in CervoMed by 35.5% during the first quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock valued at $53,000 after buying an additional 1,526 shares during the period. Marshall Wace LLP acquired a new position in CervoMed during the second quarter valued at $76,000. Jane Street Group LLC purchased a new stake in CervoMed in the 2nd quarter worth about $414,000. Finally, Vanguard Group Inc. lifted its stake in CervoMed by 1.0% in the 3rd quarter. Vanguard Group Inc. now owns 343,463 shares of the company’s stock worth $2,779,000 after acquiring an additional 3,445 shares in the last quarter. Hedge funds and other institutional investors own 25.15% of the company’s stock.

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.