CervoMed Inc. (NASDAQ:CRVO) Receives Consensus Rating of “Buy” from Analysts

Shares of CervoMed Inc. (NASDAQ:CRVO) have been assigned an average rating of “Buy” from the six ratings firms that are covering the stock, MarketBeat.com reports. Six equities research analysts have rated the stock with a buy recommendation. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $50.33.

A number of brokerages recently issued reports on CRVO. D. Boral Capital reissued a “buy” rating and issued a $34.00 price objective on shares of CervoMed in a report on Wednesday, November 27th. Chardan Capital reiterated a “buy” rating and issued a $55.00 target price on shares of CervoMed in a report on Thursday, November 14th.

CervoMed Stock Up 18.0 %

CervoMed stock opened at $10.80 on Wednesday. The company has a fifty day simple moving average of $12.54 and a 200-day simple moving average of $15.41. CervoMed has a 52-week low of $5.85 and a 52-week high of $26.38.

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

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. acquired a new position in shares of CervoMed in the first quarter valued at approximately $20,075,000. Ikarian Capital LLC purchased a new position in CervoMed in the 1st quarter valued at approximately $5,530,000. Citizens Financial Group Inc. RI acquired a new position in shares of CervoMed in the second quarter worth $461,000. State Street Corp increased its position in shares of CervoMed by 28.1% during the third quarter. State Street Corp now owns 104,456 shares of the company’s stock worth $1,525,000 after acquiring an additional 22,903 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of CervoMed by 13.9% in the third quarter. Geode Capital Management LLC now owns 114,934 shares of the company’s stock valued at $1,678,000 after acquiring an additional 14,042 shares in the last quarter. 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.