CervoMed (NASDAQ:CRVO) Upgraded by Chardan Capital to Strong-Buy Rating

CervoMed (NASDAQ:CRVO) was upgraded by Chardan Capital to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

Other equities 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 report on Friday, July 31st. Roth Capital set a $9.00 price target on CervoMed in a report on Monday, May 18th. HC Wainwright reaffirmed a “buy” rating on shares of CervoMed in a research report on Wednesday, July 15th. Finally, D. Boral Capital reiterated a “buy” rating and issued a $31.00 price objective on shares of CervoMed in a research note on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $21.50.

CervoMed Stock Up 0.4%

NASDAQ:CRVO opened at $2.81 on Monday. The stock has a market capitalization of $38.01 million, a PE ratio of -0.86 and a beta of -0.63. CervoMed has a 52 week low of $2.13 and a 52 week high of $11.25. The stock’s 50-day moving average price is $3.13 and its 200-day moving average price is $3.92.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings data on Friday, May 15th. The company reported ($0.86) EPS for the quarter, beating the consensus estimate of ($0.90) by $0.04. CervoMed had a negative return on equity of 136.08% and a negative net margin of 672.80%. Sell-side analysts expect that CervoMed will post -2.84 earnings per share for the current fiscal year.

Insider Activity at CervoMed

In other CervoMed news, Director Joshua S. Boger bought 955,414 shares of the firm’s stock in a transaction dated Thursday, June 11th. The stock was acquired at an average price of $3.14 per share, for a total transaction of $2,999,999.96. Following the completion of the purchase, the director owned 1,795,865 shares of the company’s stock, valued at approximately $5,639,016.10. This represents a 113.68% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 35.80% of the company’s stock.

Institutional Trading of CervoMed

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers lifted its holdings in shares of CervoMed by 35.5% in the 1st 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 stake in CervoMed in the 2nd quarter valued at about $76,000. XTX Topco Ltd acquired a new stake in shares of CervoMed in the fourth quarter valued at approximately $81,000. Jane Street Group LLC purchased a new position in CervoMed during the fourth quarter worth $88,000. Finally, Dimensional Fund Advisors LP purchased a new stake in CervoMed during the 4th quarter worth about $110,000. 25.15% of the stock is 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.