Chardan Capital Reiterates “Buy” Rating for CervoMed (NASDAQ:CRVO)

CervoMed (NASDAQ:CRVO)‘s stock had its “buy” rating reissued by equities researchers at Chardan Capital in a report issued on Thursday,Benzinga reports. They presently have a $55.00 price objective on the stock. Chardan Capital’s price target points to a potential upside of 410.68% from the company’s previous close.

CRVO has been the topic of several other research reports. Morgan Stanley initiated coverage on shares of CervoMed in a research note on Friday, July 26th. They issued an “overweight” rating and a $35.00 target price on the stock. Canaccord Genuity Group restated a “buy” rating and set a $65.00 price objective on shares of CervoMed in a research report on Thursday, July 25th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $53.60.

CervoMed Stock Performance

Shares of CRVO opened at $10.77 on Thursday. CervoMed has a fifty-two week low of $5.85 and a fifty-two week high of $26.38. The firm’s 50-day simple moving average is $13.99 and its two-hundred day simple moving average is $16.66.

CervoMed (NASDAQ:CRVO) last issued its earnings results on Tuesday, November 12th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.14). The firm had revenue of $1.94 million during the quarter, compared to the consensus estimate of $1.75 million. CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. As a group, equities analysts expect that CervoMed will post -1.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CervoMed

Institutional investors have recently bought and sold shares of the stock. Crown Advisors Management Inc. bought a new position in CervoMed during the first quarter valued at $2,330,000. Ikarian Capital LLC bought a new position in CervoMed during the first quarter valued at $5,530,000. RA Capital Management L.P. bought a new stake in shares of CervoMed in the 1st quarter worth about $20,075,000. Bank of New York Mellon Corp bought a new stake in shares of CervoMed in the 2nd quarter worth about $236,000. Finally, Rhumbline Advisers bought a new stake in shares of CervoMed in the 2nd quarter worth about $96,000. 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.