CervoMed (NASDAQ:CRVO) Earns Overweight Rating from Analysts at Morgan Stanley

Morgan Stanley began coverage on shares of CervoMed (NASDAQ:CRVO) in a research note published on Friday, Marketbeat reports. The firm issued an overweight rating and a $35.00 price target on the stock.

Several other brokerages have also recently weighed in on CRVO. Canaccord Genuity Group reiterated a buy rating and issued a $65.00 target price on shares of CervoMed in a report on Thursday. Brookline Capital Management initiated coverage on CervoMed in a report on Monday, July 8th. They issued a buy rating and a $63.00 target price for the company.

CervoMed Stock Performance

CRVO opened at $14.03 on Friday. The business has a fifty day moving average of $17.95 and a 200 day moving average of $17.85. CervoMed has a 52-week low of $4.28 and a 52-week high of $26.38.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings data on Tuesday, May 14th. The company reported ($0.41) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.05. The business had revenue of $2.35 million for the quarter, compared to analysts’ expectations of $2.00 million. On average, analysts expect that CervoMed will post -1.44 EPS for the current fiscal year.

Institutional Investors Weigh In On CervoMed

A number of hedge funds have recently made changes to their positions in CRVO. RA Capital Management L.P. purchased a new stake in shares of CervoMed during the 1st quarter worth $20,075,000. Ikarian Capital LLC purchased a new stake in shares of CervoMed during the 1st quarter worth $5,530,000. Crown Advisors Management Inc. purchased a new stake in shares of CervoMed during the 1st quarter worth $2,330,000. CWM LLC purchased a new stake in shares of CervoMed during the 4th quarter worth $292,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of CervoMed during the 2nd quarter worth $236,000. 25.15% of the stock is currently owned by hedge funds and other institutional investors.

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.