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

Shares of CervoMed Inc. (NASDAQ:CRVO) have earned a consensus rating of “Buy” from the six research firms that are currently covering the company, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a buy rating. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $50.33.

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

Hedge Funds Weigh In On CervoMed

Large investors have recently bought and sold shares of the business. RA Capital Management L.P. acquired a new stake in CervoMed in the first quarter valued at approximately $20,075,000. Ikarian Capital LLC purchased a new stake in CervoMed in the 1st quarter worth $5,530,000. Geode Capital Management LLC raised its position in 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 acquiring an additional 14,042 shares during the period. State Street Corp lifted its holdings in CervoMed by 28.1% during the third quarter. State Street Corp now owns 104,456 shares of the company’s stock valued at $1,525,000 after purchasing an additional 22,903 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in CervoMed by 5.2% during the second 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. Institutional investors and hedge funds own 25.15% of the company’s stock.

CervoMed Stock Up 18.0 %

CRVO stock opened at $10.80 on Wednesday. The firm’s 50-day moving average is $12.54 and its 200 day moving average is $15.41. CervoMed has a 12 month low of $5.85 and a 12 month high of $26.38.

CervoMed (NASDAQ:CRVO) last issued its earnings results on Tuesday, November 12th. The company reported ($0.55) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.14). The firm had revenue of $1.94 million for the quarter, compared to the consensus estimate of $1.75 million. CervoMed had a negative net margin of 118.68% and a negative return on equity of 44.11%. As a group, sell-side analysts predict 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.