CervoMed (NASDAQ:CRVO) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

CervoMed (NASDAQ:CRVO) had its price objective upped by Canaccord Genuity Group from $12.00 to $21.00 in a report published on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts have also issued reports on the company. Brookline Capital Management upgraded CervoMed from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 11th. Roth Mkm lifted their target price on CervoMed from $7.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, March 11th. Jones Trading upgraded CervoMed from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a report on Thursday, March 13th. Morgan Stanley reiterated an “underweight” rating on shares of CervoMed in a report on Wednesday, December 11th. Finally, HC Wainwright lowered CervoMed from a “buy” rating to a “neutral” rating in a report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $27.50.

CervoMed Stock Performance

Shares of CRVO opened at $9.34 on Tuesday. CervoMed has a 52 week low of $1.80 and a 52 week high of $26.38. The stock’s 50-day moving average price is $2.73 and its 200-day moving average price is $7.87.

CervoMed (NASDAQ:CRVO) last announced its earnings results on Monday, March 17th. The company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.13). CervoMed had a negative net margin of 118.68% and a negative return on equity of 44.11%. The firm had revenue of $2.16 million for the quarter, compared to analyst estimates of $1.51 million. Research analysts predict that CervoMed will post -1.88 EPS for the current fiscal year.

Hedge Funds Weigh In On CervoMed

Several large investors have recently made changes to their positions in CRVO. Geode Capital Management LLC raised its position in shares of 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 purchasing an additional 14,042 shares during the period. State Street Corp grew its holdings in shares of CervoMed by 28.1% during the third quarter. State Street Corp now owns 104,456 shares of the company’s stock worth $1,525,000 after buying an additional 22,903 shares in the last quarter. Woodline Partners LP bought a new position in shares of CervoMed during the fourth quarter worth about $175,000. Perigon Wealth Management LLC bought a new position in CervoMed in the fourth quarter valued at approximately $147,000. Finally, Nuveen Asset Management LLC boosted its stake in shares of CervoMed by 113.6% during the 4th quarter. Nuveen Asset Management LLC now owns 41,569 shares of the company’s stock worth $97,000 after acquiring an additional 22,104 shares during the period. Institutional investors and hedge funds 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.