CervoMed (NASDAQ:CRVO) Stock Jumps 7.9% – Should You Buy?

CervoMed Inc. (NASDAQ:CRVO) shares rose 7.9% during trading on Tuesday. The stock traded as high as $2.92 and last traded at $2.88. 448,931 shares traded 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 Ratings Changes

A number of analysts recently commented on the company. Roth Capital set a $7.00 price objective on CervoMed in a research report on Thursday, August 20th. 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 research report on Wednesday, August 12th. Chardan Capital upgraded shares of CervoMed to a “strong-buy” rating in a research note on Monday, August 3rd. Finally, Weiss Ratings cut shares of CervoMed from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.00.

CervoMed Stock Performance

The stock has a fifty day moving average of $2.64 and a 200 day moving average of $3.24. The company has a market capitalization of $44.30 million, a P/E ratio of -0.91 and a beta of -0.64.

CervoMed (NASDAQ:CRVO) last released its quarterly 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%. Research analysts anticipate that CervoMed Inc. will post -2.38 EPS for the current fiscal year.

Institutional Investors Weigh In On CervoMed

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRVO. Citizens Financial Group Inc. RI bought a new stake in CervoMed during the 2nd quarter worth approximately $116,000. Byrne Asset Management LLC boosted its position in shares of CervoMed by 248.6% in the second quarter. Byrne Asset Management LLC now owns 51,250 shares of the company’s stock worth $159,000 after purchasing an additional 36,550 shares during the period. BlackRock Inc. bought a new position in shares of CervoMed in the second quarter worth approximately $167,000. Renaissance Technologies LLC purchased a new stake in shares of CervoMed in the first quarter worth $252,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of CervoMed by 8,425,900.0% in the fourth 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 in the last quarter. 25.15% of the stock is owned by hedge funds and other institutional investors.

About CervoMed

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.