CervoMed (NASDAQ:CRVO) Shares Down 3.1% – Should You Sell?

CervoMed Inc. (NASDAQ:CRVO) dropped 3.1% on Thursday . The stock traded as low as $13.60 and last traded at $13.65. Approximately 103,783 shares traded hands during trading, an increase of 87% from the average daily volume of 55,431 shares. The stock had previously closed at $14.08.

Analyst Upgrades and Downgrades

CRVO has been the topic of several recent analyst reports. Chardan Capital initiated coverage on CervoMed in a research report on Wednesday, September 18th. They set a “buy” rating and a $55.00 target price on the stock. Morgan Stanley initiated coverage on CervoMed in a research report on Friday, July 26th. They set an “overweight” rating and a $35.00 target price on the stock. Canaccord Genuity Group reiterated a “buy” rating and set a $65.00 target price on shares of CervoMed in a research report on Thursday, July 25th. Finally, Brookline Capital Management assumed coverage on CervoMed in a research report on Monday, July 8th. They set a “buy” rating and a $63.00 target price on the stock. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $53.60.

CervoMed Stock Down 3.1 %

The business has a fifty day moving average price of $14.95 and a 200 day moving average price of $17.51.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.03). The firm had revenue of $3.29 million during the quarter, compared to analysts’ expectations of $3.48 million. CervoMed had a negative return on equity of 27.91% and a negative net margin of 52.24%. As a group, equities research analysts anticipate that CervoMed Inc. will post -1.45 earnings per share for the current year.

Hedge Funds Weigh In On CervoMed

A number of large investors have recently modified their holdings of the company. Fred Alger Management LLC acquired a new stake in shares of CervoMed in the second quarter valued at about $60,000. Rhumbline Advisers acquired a new stake in shares of CervoMed in the second quarter valued at about $96,000. Bank of New York Mellon Corp acquired a new stake in shares of CervoMed in the second quarter valued at about $236,000. Citizens Financial Group Inc. RI acquired a new stake in shares of CervoMed in the second quarter valued at about $461,000. Finally, Renaissance Technologies LLC grew its stake 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. 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.