CervoMed (NASDAQ:CRVO) Coverage Initiated at Roth Mkm

Investment analysts at Roth Mkm initiated coverage on shares of CervoMed (NASDAQ:CRVO) in a research note issued on Friday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $45.00 price target on the stock. Roth Mkm’s price target suggests a potential upside of 277.83% from the stock’s current price.

CRVO has been the subject of a number of other reports. Chardan Capital reaffirmed a “buy” rating and set a $55.00 price objective on shares of CervoMed in a report on Thursday, November 14th. D. Boral Capital reaffirmed a “buy” rating and set a $34.00 price objective on shares of CervoMed in a report on Wednesday, November 27th. Finally, HC Wainwright started coverage on shares of CervoMed in a report on Thursday. They set a “buy” rating and a $42.00 price objective for the company. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $48.63.

CervoMed Price Performance

Shares of CervoMed stock opened at $11.91 on Friday. The company’s fifty day simple moving average is $12.07 and its two-hundred day simple moving average is $15.05. CervoMed has a 12-month low of $5.85 and a 12-month high of $26.38.

CervoMed (NASDAQ:CRVO) last released 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). 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, equities analysts expect that CervoMed will post -1.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Citizens Financial Group Inc. RI bought a new position in shares of CervoMed during the 2nd quarter valued at approximately $461,000. Renaissance Technologies LLC lifted its position in CervoMed by 5.2% in the second quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock worth $554,000 after buying an additional 1,600 shares during the last quarter. Rhumbline Advisers bought a new stake in CervoMed in the second quarter worth $96,000. Bank of New York Mellon Corp bought a new stake in CervoMed in the second quarter worth $236,000. Finally, Fred Alger Management LLC bought a new stake in CervoMed in the second quarter worth $60,000. 25.15% of the stock is currently owned by institutional investors.

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.