CervoMed Inc. (NASDAQ:CRVO) Receives $42.00 Consensus Target Price from Brokerages

Shares of CervoMed Inc. (NASDAQ:CRVO) have been given an average rating of “Hold” by the nine brokerages that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $42.00.

Several analysts have recently commented on the company. Roth Mkm began coverage on CervoMed in a report on Friday, December 6th. They set a “buy” rating and a $45.00 price objective for the company. Canaccord Genuity Group reduced their target price on CervoMed from $65.00 to $12.00 and set a “buy” rating on the stock in a research report on Wednesday, December 11th. Morgan Stanley reissued an “underweight” rating on shares of CervoMed in a report on Wednesday, December 11th. D. Boral Capital restated a “hold” rating on shares of CervoMed in a report on Tuesday, December 10th. Finally, Brookline Capital Management cut shares of CervoMed from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th.

Institutional Trading of CervoMed

Several large investors have recently made changes to their positions in CRVO. Citizens Financial Group Inc. RI acquired a new stake in CervoMed during the second quarter worth about $461,000. State Street Corp boosted its position in CervoMed by 28.1% in the 3rd quarter. State Street Corp now owns 104,456 shares of the company’s stock worth $1,525,000 after purchasing an additional 22,903 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of CervoMed by 13.9% during the 3rd quarter. Geode Capital Management LLC now owns 114,934 shares of the company’s stock worth $1,678,000 after purchasing an additional 14,042 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of CervoMed during the 2nd quarter valued at approximately $236,000. Finally, Barclays PLC increased its holdings in shares of CervoMed by 323.6% during the 3rd quarter. Barclays PLC now owns 7,748 shares of the company’s stock valued at $113,000 after purchasing an additional 5,919 shares in the last quarter. 25.15% of the stock is owned by hedge funds and other institutional investors.

CervoMed Stock Performance

Shares of NASDAQ CRVO opened at $2.22 on Friday. The business has a fifty day moving average price of $9.70 and a 200 day moving average price of $13.76. CervoMed has a 1-year low of $1.80 and a 1-year high of $26.38.

CervoMed (NASDAQ:CRVO) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.14). CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. The firm had revenue of $1.94 million during the quarter, compared to analysts’ expectations of $1.75 million. On average, research analysts predict that CervoMed will post -1.77 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.