Perigon Wealth Management LLC Makes New Investment in CervoMed Inc. (NASDAQ:CRVO)

Perigon Wealth Management LLC acquired a new position in CervoMed Inc. (NASDAQ:CRVO) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 62,729 shares of the company’s stock, valued at approximately $147,000. Perigon Wealth Management LLC owned about 1.02% of CervoMed at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Renaissance Technologies LLC increased its holdings in CervoMed by 5.2% during the second quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock valued at $554,000 after buying an additional 1,600 shares during the period. Citizens Financial Group Inc. RI grew its holdings in CervoMed by 13.2% in the third quarter. Citizens Financial Group Inc. RI now owns 30,509 shares of the company’s stock worth $445,000 after purchasing an additional 3,553 shares during the last quarter. FMR LLC acquired a new stake in shares of CervoMed during the third quarter worth $56,000. State Street Corp lifted its stake 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 during the period. Finally, Barclays PLC lifted its stake in shares of CervoMed by 323.6% during the third quarter. Barclays PLC now owns 7,748 shares of the company’s stock worth $113,000 after buying an additional 5,919 shares during the period. Institutional investors own 25.15% of the company’s stock.

CervoMed Stock Performance

CRVO stock opened at $2.27 on Tuesday. The company has a fifty day moving average of $3.87 and a 200-day moving average of $10.55. CervoMed Inc. has a one year low of $1.80 and a one year high of $26.38.

CervoMed (NASDAQ:CRVO) last posted its earnings results on Tuesday, November 12th. The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.41) by ($0.14). The firm had revenue of $1.94 million during the quarter, compared to analyst estimates of $1.75 million. CervoMed had a negative net margin of 118.68% and a negative return on equity of 44.11%. As a group, equities analysts anticipate that CervoMed Inc. will post -1.88 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CRVO shares. Canaccord Genuity Group decreased their target price on shares of CervoMed from $65.00 to $12.00 and set a “buy” rating for the company in a research 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. Roth Capital upgraded shares of CervoMed to a “strong-buy” rating in a research report on Thursday, December 5th. Roth Mkm started coverage on shares of CervoMed in a research report on Friday, December 6th. They issued a “buy” rating and a $45.00 price objective for the company. Finally, Chardan Capital reiterated a “neutral” rating on shares of CervoMed in a research 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 issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target 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.