CervoMed (NASDAQ:CRVO) Shares Up 7.9% – Here’s Why

CervoMed Inc. (NASDAQ:CRVO)’s share price shot up 7.9% during trading on Tuesday. The stock traded as high as $2.92 and last traded at $2.88. 448,931 shares changed hands during mid-day trading, an increase of 197% from the average daily volume of 151,130 shares. The stock had previously closed at $2.67.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Weiss Ratings lowered CervoMed from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, September 3rd. Chardan Capital raised CervoMed to a “strong-buy” rating in a research report on Monday, August 3rd. Wall Street Zen upgraded CervoMed from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 15th. HC Wainwright reaffirmed a “buy” rating on shares of CervoMed in a report on Wednesday, August 12th. Finally, Roth Capital set a $7.00 target price on shares of CervoMed in a research note on Thursday, August 20th. One investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $21.00.

CervoMed Stock Up 7.9%

The firm has a market cap of $43.55 million, a PE ratio of -0.89 and a beta of -0.64. The company has a 50-day simple moving average of $2.64 and a two-hundred day simple moving average of $3.25.

CervoMed (NASDAQ:CRVO) last announced its 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%. As a group, equities analysts predict that CervoMed Inc. will post -2.38 earnings per share for the current year.

Institutional Trading of CervoMed

A number of large investors have recently added to or reduced their stakes in the stock. Citizens Financial Group Inc. RI bought a new stake in CervoMed in the second quarter worth about $116,000. Byrne Asset Management LLC boosted its stake in CervoMed by 248.6% in the second quarter. Byrne Asset Management LLC now owns 51,250 shares of the company’s stock valued at $159,000 after acquiring an additional 36,550 shares during the last quarter. BlackRock Inc. bought a new position in shares of CervoMed during the 2nd quarter valued at approximately $167,000. Renaissance Technologies LLC bought a new position in shares of CervoMed during the 1st quarter valued at approximately $252,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of CervoMed by 8,425,900.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 84,260 shares of the company’s stock worth $666,000 after purchasing an additional 84,259 shares during the last quarter. Hedge funds and other institutional investors own 25.15% of the company’s stock.

CervoMed Company Profile

CervoMed Inc (NASDAQ: CRVO) is a clinical-stage biopharmaceutical company focused on developing treatments for neurodegenerative diseases. The company’s research is centered on therapies that address cognitive and functional impairment associated with disorders of the central nervous system.

CervoMed’s lead product candidate is neflamapimod, an orally administered, small-molecule inhibitor of p38 alpha mitogen-activated protein kinase. The company is evaluating neflamapimod as a potential treatment for dementia with Lewy bodies, a progressive neurodegenerative disorder characterized by cognitive decline, fluctuations in attention, visual hallucinations and movement-related symptoms.