CervoMed Inc. (NASDAQ:CRVO) Receives $42.00 Average PT from Analysts

Shares of CervoMed Inc. (NASDAQ:CRVO) have earned an average rating of “Hold” from the nine research firms that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $42.00.

CRVO has been the topic of several recent research reports. Canaccord Genuity Group dropped their price target on CervoMed from $65.00 to $12.00 and set a “buy” rating on the stock in a research report on Wednesday, December 11th. HC Wainwright cut CervoMed from a “buy” rating to a “neutral” rating in a research note on Tuesday, December 17th. Brookline Capital Management downgraded CervoMed from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. D. Boral Capital reissued a “hold” rating on shares of CervoMed in a research note on Tuesday, December 10th. Finally, Chardan Capital restated a “neutral” rating on shares of CervoMed in a research note on Wednesday, December 11th.

CervoMed Price Performance

Shares of NASDAQ CRVO opened at $2.40 on Friday. The business has a 50-day moving average price of $8.76 and a 200 day moving average price of $13.32. CervoMed has a 52-week low of $1.80 and a 52-week high of $26.38.

CervoMed (NASDAQ:CRVO) last announced its earnings results on Tuesday, November 12th. The company reported ($0.55) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.14). The business had revenue of $1.94 million during the quarter, compared to analyst estimates of $1.75 million. CervoMed had a negative net margin of 118.68% and a negative return on equity of 44.11%. As a group, sell-side analysts expect that CervoMed will post -1.77 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CRVO. Geode Capital Management LLC grew its holdings in shares of CervoMed by 13.9% in the 3rd quarter. Geode Capital Management LLC now owns 114,934 shares of the company’s stock worth $1,678,000 after acquiring an additional 14,042 shares during the period. State Street Corp grew its holdings in CervoMed by 28.1% in the third quarter. State Street Corp now owns 104,456 shares of the company’s stock valued at $1,525,000 after purchasing an additional 22,903 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of CervoMed by 5.2% in the second quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock valued at $554,000 after buying an additional 1,600 shares in the last quarter. Citizens Financial Group Inc. RI raised its stake in shares of CervoMed by 13.2% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 30,509 shares of the company’s stock worth $445,000 after buying an additional 3,553 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of CervoMed in the 2nd quarter worth about $236,000. 25.15% of the stock is owned by hedge funds and other institutional investors.

CervoMed Company Profile

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.