State Street Corp Boosts Stake in CervoMed Inc. (NASDAQ:CRVO)

State Street Corp increased its position in CervoMed Inc. (NASDAQ:CRVO) by 28.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 104,456 shares of the company’s stock after purchasing an additional 22,903 shares during the period. State Street Corp owned 1.69% of CervoMed worth $1,525,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CRVO. Citizens Financial Group Inc. RI purchased a new stake in shares of CervoMed in the 2nd quarter worth about $461,000. Renaissance Technologies LLC grew its holdings 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 purchasing an additional 1,600 shares during the period. Rhumbline Advisers purchased a new stake in CervoMed in the second quarter worth about $96,000. Bank of New York Mellon Corp bought a new position in shares of CervoMed during the second quarter valued at approximately $236,000. Finally, Fred Alger Management LLC purchased a new position in shares of CervoMed during the second quarter valued at approximately $60,000. Hedge funds and other institutional investors own 25.15% of the company’s stock.

CervoMed Stock Down 2.1 %

Shares of NASDAQ CRVO opened at $2.34 on Thursday. The firm’s 50-day moving average price is $8.15 and its 200-day moving average price is $12.96. CervoMed Inc. has a 52-week low of $1.80 and a 52-week high of $26.38.

CervoMed (NASDAQ:CRVO) last issued 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). The company had revenue of $1.94 million during the quarter, compared to analysts’ expectations of $1.75 million. CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. As a group, equities research analysts forecast that CervoMed Inc. will post -1.77 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CRVO. Morgan Stanley restated an “underweight” rating on shares of CervoMed in a research note on Wednesday, December 11th. D. Boral Capital restated a “hold” rating on shares of CervoMed in a report on Tuesday, December 10th. Brookline Capital Management lowered CervoMed from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Canaccord Genuity Group cut their price objective on shares of CervoMed from $65.00 to $12.00 and set a “buy” rating on the stock in a research report on Wednesday, December 11th. Finally, Chardan Capital reaffirmed a “neutral” rating on shares of CervoMed in a report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $42.00.

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.