CervoMed (NASDAQ:CRVO) Director Joshua Boger Purchases 955,414 Shares

CervoMed Inc. (NASDAQ:CRVO) Director Joshua Boger purchased 955,414 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was bought at an average cost of $3.14 per share, for a total transaction of $2,999,999.96. Following the completion of the acquisition, the director directly owned 1,795,865 shares in the company, valued at $5,639,016.10. The trade was a 113.68% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

CervoMed Trading Up 1.2%

Shares of NASDAQ:CRVO traded up $0.03 during midday trading on Monday, reaching $2.48. The company had a trading volume of 722,620 shares, compared to its average volume of 82,378. The company’s 50 day moving average price is $3.47 and its 200 day moving average price is $5.22. The stock has a market cap of $22.96 million, a P/E ratio of -0.76 and a beta of -0.68. CervoMed Inc. has a 52-week low of $2.13 and a 52-week high of $13.13.

CervoMed (NASDAQ:CRVO) last issued its quarterly earnings results on Friday, May 15th. The company reported ($0.86) earnings per share for the quarter, topping 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%. Research analysts forecast that CervoMed Inc. will post -2.86 EPS for the current fiscal year.

Institutional Investors Weigh In On CervoMed

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers raised its stake in 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 acquiring an additional 1,526 shares during the period. Marshall Wace LLP bought a new stake in CervoMed in the 2nd quarter valued at about $76,000. XTX Topco Ltd bought a new stake in shares of CervoMed during the fourth quarter valued at about $81,000. Jane Street Group LLC bought a new stake in shares of CervoMed during the fourth quarter valued at about $88,000. Finally, GSA Capital Partners LLP bought a new stake in shares of CervoMed during the third quarter valued at about $91,000. 25.15% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Chardan Capital boosted their price target on shares of CervoMed from $15.00 to $21.00 and gave the stock a “buy” rating in a report on Wednesday, March 18th. HC Wainwright restated a “buy” rating and issued a $25.00 price objective on shares of CervoMed in a research note on Thursday, April 23rd. Roth Mkm set a $9.00 price objective on CervoMed in a research note on Monday, May 18th. D. Boral Capital restated a “buy” rating and issued a $31.00 price objective on shares of CervoMed in a research note on Wednesday, April 22nd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of CervoMed in a research note on Monday, April 20th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $22.60.

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.