Geode Capital Management LLC Raises Holdings in CervoMed Inc. (NASDAQ:CRVO)

Geode Capital Management LLC boosted its stake in shares of CervoMed Inc. (NASDAQ:CRVO) by 13.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 114,934 shares of the company’s stock after purchasing an additional 14,042 shares during the period. Geode Capital Management LLC owned approximately 1.86% of CervoMed worth $1,678,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Fred Alger Management LLC acquired a new stake in shares of CervoMed during the second quarter worth $60,000. FMR LLC purchased a new position in CervoMed in the 3rd quarter worth $56,000. Rhumbline Advisers purchased a new position in CervoMed in the 2nd quarter worth $96,000. Barclays PLC grew its stake in 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 during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of CervoMed in the second quarter valued at about $236,000. Hedge funds and other institutional investors own 25.15% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on CRVO shares. Roth Capital raised CervoMed to a “strong-buy” rating in a report on Thursday, December 5th. Brookline Capital Management downgraded shares of CervoMed from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Morgan Stanley reissued an “underweight” rating on shares of CervoMed in a report on Wednesday, December 11th. HC Wainwright downgraded shares of CervoMed from a “buy” rating to a “neutral” rating in a research report on Tuesday, December 17th. Finally, Canaccord Genuity Group cut their price target on CervoMed from $65.00 to $12.00 and set a “buy” rating on the stock in a research report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, CervoMed has a consensus rating of “Hold” and a consensus price target of $42.00.

CervoMed Trading Down 5.6 %

Shares of CervoMed stock opened at $2.18 on Thursday. The firm has a 50-day simple moving average of $7.03 and a two-hundred day simple moving average of $12.35. CervoMed Inc. has a fifty-two week low of $1.80 and a fifty-two week high of $26.38.

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

CervoMed Company Profile

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.