CervoMed (NASDAQ:CRVO) Earns Buy Rating from Analysts at Chardan Capital

Chardan Capital started coverage on shares of CervoMed (NASDAQ:CRVO) in a research note released on Wednesday morning, Marketbeat reports. The firm issued a buy rating and a $55.00 price objective on the stock.

Several other analysts have also recently commented on CRVO. Canaccord Genuity Group restated a buy rating and issued a $65.00 price target on shares of CervoMed in a report on Thursday, July 25th. Brookline Capital Management assumed coverage on shares of CervoMed in a report on Monday, July 8th. They issued a buy rating and a $63.00 target price for the company. Finally, Morgan Stanley assumed coverage on shares of CervoMed in a research note on Friday, July 26th. They set an overweight rating and a $35.00 price target on the stock. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, CervoMed presently has an average rating of Buy and an average price target of $53.60.

CervoMed Stock Performance

Shares of NASDAQ CRVO opened at $15.80 on Wednesday. CervoMed has a 1 year low of $4.28 and a 1 year high of $26.38. The firm’s 50 day moving average price is $15.53 and its 200 day moving average price is $18.90.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings data on Monday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.03). The business had revenue of $3.29 million for the quarter, compared to analyst estimates of $3.48 million. CervoMed had a negative return on equity of 27.91% and a negative net margin of 52.24%. On average, equities research analysts forecast that CervoMed will post -1.49 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Ikarian Capital LLC purchased a new stake in CervoMed during the first quarter worth approximately $5,530,000. Crown Advisors Management Inc. purchased a new stake in CervoMed during the 1st quarter worth $2,330,000. Renaissance Technologies LLC increased its holdings in CervoMed by 5.2% in the 2nd quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock valued at $554,000 after purchasing an additional 1,600 shares in the last quarter. Rhumbline Advisers purchased a new position in CervoMed in the second quarter valued at about $96,000. Finally, Fred Alger Management LLC acquired a new position in shares of CervoMed during the second quarter worth about $60,000. Hedge funds and other institutional investors own 25.15% of the company’s stock.

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.