CervoMed Inc. (NASDAQ:CRVO) Given Consensus Recommendation of “Buy” by Brokerages

Shares of CervoMed Inc. (NASDAQ:CRVO) have been given a consensus rating of “Buy” by the five analysts that are covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a buy recommendation. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $53.60.

A number of research firms have recently weighed in on CRVO. Chardan Capital reissued a “buy” rating and set a $55.00 price objective on shares of CervoMed in a research report on Thursday, November 14th. D. Boral Capital reaffirmed a “buy” rating and set a $34.00 target price on shares of CervoMed in a research note on Wednesday.

Institutional Trading of CervoMed

A number of institutional investors and hedge funds have recently bought and sold shares of the business. RA Capital Management L.P. purchased a new stake in shares of CervoMed during the first quarter worth $20,075,000. Ikarian Capital LLC purchased a new stake in CervoMed during the 1st quarter worth about $5,530,000. Citizens Financial Group Inc. RI purchased a new stake in CervoMed during the 2nd quarter worth about $461,000. State Street Corp boosted its stake in shares of CervoMed by 28.1% in the 3rd quarter. State Street Corp now owns 104,456 shares of the company’s stock valued at $1,525,000 after buying an additional 22,903 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of CervoMed by 13.9% during the third quarter. Geode Capital Management LLC now owns 114,934 shares of the company’s stock worth $1,678,000 after buying an additional 14,042 shares in the last quarter. 25.15% of the stock is currently owned by hedge funds and other institutional investors.

CervoMed Stock Performance

Shares of CervoMed stock traded up $1.35 during mid-day trading on Wednesday, hitting $9.33. The stock had a trading volume of 151,172 shares, compared to its average volume of 57,924. The firm has a 50-day moving average of $12.96 and a two-hundred day moving average of $15.73. CervoMed has a 12-month low of $5.85 and a 12-month high of $26.38.

CervoMed (NASDAQ:CRVO) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.41) by ($0.14). The business had revenue of $1.94 million during the quarter, compared to analysts’ expectations of $1.75 million. CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. On average, analysts expect that CervoMed will post -1.73 EPS for the current year.

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.