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

CervoMed Inc. (NASDAQ:CRVO) Director Joshua Boger bought 955,414 shares of the business’s stock in a transaction that occurred 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 purchase, the director owned 1,795,865 shares in the company, valued at approximately $5,639,016.10. The trade was a 113.68% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

CervoMed Price Performance

Shares of CRVO stock opened at $2.48 on Tuesday. CervoMed Inc. has a one year low of $2.13 and a one year high of $13.13. The stock has a fifty day moving average price of $3.47 and a 200 day moving average price of $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 (NASDAQ:CRVO) last posted its earnings results on Friday, May 15th. The company reported ($0.86) earnings per share 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%. Equities research analysts anticipate that CervoMed Inc. will post -2.86 EPS for the current year.

Hedge Funds Weigh In On CervoMed

Several hedge funds have recently added to or reduced their stakes in CRVO. XTX Topco Ltd acquired a new stake in shares of CervoMed during the 4th quarter worth approximately $81,000. Jane Street Group LLC acquired a new position in CervoMed in the fourth quarter valued at approximately $88,000. HRT Financial LP bought a new position in CervoMed in the fourth quarter valued at approximately $113,000. Dimensional Fund Advisors LP bought a new position in CervoMed in the fourth quarter valued at approximately $110,000. Finally, Two Sigma Investments LP acquired a new stake in CervoMed during the 3rd quarter worth $138,000. Institutional investors own 25.15% of the company’s stock.

Analysts Set New Price Targets

CRVO has been the subject of several analyst reports. Chardan Capital raised their target price on CervoMed from $15.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of CervoMed in a research report on Monday, April 20th. Roth Mkm set a $9.00 price objective on CervoMed in a research note on Monday, May 18th. D. Boral Capital reissued a “buy” rating and set a $31.00 price objective on shares of CervoMed in a report on Wednesday, April 22nd. Finally, HC Wainwright restated a “buy” rating and issued a $25.00 target price on shares of CervoMed in a research note on Thursday, April 23rd. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average 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.