CervoMed (NASDAQ:CRVO) Rating Increased to Strong-Buy at Chardan Capital

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

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

CervoMed Stock Up 0.4%

Shares of CRVO opened at $2.81 on Monday. CervoMed has a 52-week low of $2.13 and a 52-week high of $11.25. The firm’s fifty day moving average is $3.13 and its two-hundred day moving average is $3.92. The stock has a market cap of $38.01 million, a PE 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) EPS for the quarter, beating analysts’ consensus estimates of ($0.90) by $0.04. CervoMed had a negative net margin of 672.80% and a negative return on equity of 136.08%. As a group, research analysts anticipate that CervoMed will post -2.84 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Joshua S. Boger bought 955,414 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were bought at an average price of $3.14 per share, with a total value of $2,999,999.96. Following the completion of the transaction, the director directly owned 1,795,865 shares in the company, valued at $5,639,016.10. This trade represents a 113.68% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 35.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Rhumbline Advisers grew 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 in the last quarter. State Street Corp grew its stake in shares of CervoMed by 11.4% in the fourth quarter. State Street Corp now owns 20,527 shares of the company’s stock worth $162,000 after acquiring an additional 2,100 shares in the last quarter. Vanguard Group Inc. increased its position in shares of CervoMed by 1.0% during the third 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 during the period. Citizens Financial Group Inc. RI grew its position 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 worth $296,000 after buying an additional 7,000 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of CervoMed during the 4th quarter worth $81,000. 25.15% of the stock is currently owned by hedge funds and other institutional investors.

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.