CervoMed (NASDAQ:CRVO) Shares Down 3.1% – Time to Sell?

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

Analysts Set New Price Targets

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

CervoMed Trading Down 3.1 %

The stock has a 50-day simple moving average of $14.95 and a 200 day simple moving average of $17.51.

CervoMed (NASDAQ:CRVO) last posted its earnings results 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 for 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 analysts predict that CervoMed Inc. will post -1.45 EPS for the current year.

Hedge Funds Weigh In On CervoMed

A number of institutional investors have recently made changes to their positions in the stock. Fred Alger Management LLC purchased a new stake in shares of CervoMed in the second quarter valued at $60,000. Renaissance Technologies LLC lifted its position 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 acquiring an additional 1,600 shares in the last quarter. Citizens Financial Group Inc. RI purchased a new stake in shares of CervoMed in the second quarter valued at $461,000. Rhumbline Advisers purchased a new stake in shares of CervoMed in the second quarter valued at $96,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of CervoMed in the second quarter valued at $236,000. 25.15% of the stock is owned by institutional investors and hedge funds.

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.