India, June 18 -- CervoMed Inc. (CRVO) stock surged 61.45 percent, or $2.34, to $6.15 on Thursday after the clinical-stage biotechnology company announced it received a notice of allowance from the U.S. Patent and Trademark Office for a new patent covering the use of its lead drug candidate, neflamapimod, in treating dementia with Lewy bodies (DLB) patients without substantial Alzheimer's disease-like tau pathology, commonly referred to as "pure DLB."
The stock is currently trading at $6.15, compared with its previous close of $3.81 on the Nasdaq. Shares opened at $4.68 and traded between $4.61 and $7.35 during the session. Trading volume reached 49.25 million shares, significantly above the average daily volume of 3.49 million shares.
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