Insider Buying: CervoMed (NASDAQ:CRVO) CFO Acquires 3,500 Shares of Stock

CervoMed Inc. (NASDAQ:CRVO) CFO William Robert Elder acquired 3,500 shares of the company’s stock in a transaction dated Wednesday, November 12th. The stock was bought at an average cost of $7.44 per share, for a total transaction of $26,040.00. Following the completion of the transaction, the chief financial officer directly owned 9,000 shares of the company’s stock, valued at approximately $66,960. This trade represents a 63.64% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

CervoMed Stock Up 1.7%

Shares of CRVO traded up $0.13 during midday trading on Thursday, hitting $7.54. The company’s stock had a trading volume of 8,850 shares, compared to its average volume of 1,508,767. CervoMed Inc. has a one year low of $1.80 and a one year high of $16.94. The stock has a market capitalization of $69.72 million, a price-to-earnings ratio of -2.89 and a beta of -0.89. The company’s fifty day simple moving average is $7.99 and its two-hundred day simple moving average is $8.18.

CervoMed (NASDAQ:CRVO) last released its earnings results on Friday, November 7th. The company reported ($0.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.16). The firm had revenue of $0.32 million for the quarter, compared to analyst estimates of $1.43 million. CervoMed had a negative net margin of 290.72% and a negative return on equity of 59.15%. On average, research analysts predict that CervoMed Inc. will post -1.88 earnings per share for the current year.

Institutional Trading of CervoMed

Large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp bought a new position in shares of CervoMed during the 1st quarter valued at approximately $110,000. Avantax Advisory Services Inc. purchased a new position in CervoMed during the 1st quarter valued at approximately $238,000. Citizens Financial Group Inc. RI purchased a new position in shares of CervoMed in the first quarter valued at $244,000. Nuveen LLC purchased a new stake in shares of CervoMed during the 1st quarter valued at about $312,000. Finally, HighTower Advisors LLC purchased a new stake in CervoMed during the first quarter valued at approximately $104,000. 25.15% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CRVO. Zacks Research lowered CervoMed from a “hold” rating to a “strong sell” rating in a research report on Monday, October 13th. Canaccord Genuity Group boosted their target price on CervoMed from $21.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, July 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of CervoMed in a report on Wednesday, October 8th. D. Boral Capital reiterated a “buy” rating and issued a $31.00 price objective on shares of CervoMed in a research report on Tuesday. Finally, Roth Capital set a $20.00 target price on shares of CervoMed and gave the stock a “buy” rating in a report on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Sell rating to the company. According to MarketBeat, CervoMed has a consensus rating of “Moderate Buy” and a consensus target price of $21.86.

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.