CervoMed Inc. (NASDAQ:CRVO) Receives $42.00 Average PT from Brokerages

Shares of CervoMed Inc. (NASDAQ:CRVO) have received a consensus recommendation of “Hold” from the nine research firms that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $42.00.

CRVO has been the topic of a number of research reports. Canaccord Genuity Group reduced their target price on shares of CervoMed from $65.00 to $12.00 and set a “buy” rating on the stock in a report on Wednesday, December 11th. Roth Mkm started coverage on shares of CervoMed in a report on Friday, December 6th. They set a “buy” rating and a $45.00 price target on the stock. Morgan Stanley reiterated an “underweight” rating on shares of CervoMed in a report on Wednesday, December 11th. D. Boral Capital reiterated a “hold” rating on shares of CervoMed in a report on Tuesday, December 10th. Finally, Roth Capital upgraded shares of CervoMed to a “strong-buy” rating in a report on Thursday, December 5th.

CervoMed Stock Performance

CervoMed stock opened at $2.18 on Monday. The company’s 50-day moving average price is $2.85 and its 200-day moving average price is $9.90. CervoMed has a twelve month low of $1.80 and a twelve month 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 analysts’ consensus estimates 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 business had revenue of $1.94 million during the quarter, compared to the consensus estimate of $1.75 million. As a group, equities analysts forecast that CervoMed will post -1.88 EPS for the current year.

Institutional Investors Weigh In On CervoMed

Large investors have recently added to or reduced their stakes in the stock. Barclays PLC boosted its position in CervoMed by 323.6% in the 3rd quarter. Barclays PLC now owns 7,748 shares of the company’s stock valued at $113,000 after buying an additional 5,919 shares during the period. Perigon Wealth Management LLC purchased a new stake in CervoMed in the 4th quarter valued at about $147,000. State Street Corp boosted its position in CervoMed by 28.1% in the 3rd quarter. State Street Corp now owns 104,456 shares of the company’s stock valued at $1,525,000 after buying an additional 22,903 shares during the period. Geode Capital Management LLC boosted its position in CervoMed by 13.9% in the 3rd quarter. Geode Capital Management LLC now owns 114,934 shares of the company’s stock valued at $1,678,000 after buying an additional 14,042 shares during the period. Finally, Citizens Financial Group Inc. RI boosted its position in CervoMed by 13.2% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 30,509 shares of the company’s stock valued at $445,000 after buying an additional 3,553 shares during the period. 25.15% of the stock is owned by hedge funds and other 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.