CervoMed (NASDAQ:CRVO) Given New $21.00 Price Target at Canaccord Genuity Group

CervoMed (NASDAQ:CRVO) had its target price raised by Canaccord Genuity Group from $12.00 to $21.00 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts have also weighed in on the stock. D. Boral Capital reissued a “buy” rating and set a $10.00 price objective on shares of CervoMed in a research note on Monday. Roth Mkm lifted their price objective on shares of CervoMed from $7.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, March 11th. Chardan Capital upgraded shares of CervoMed from a “neutral” rating to a “buy” rating and set a $14.00 price objective on the stock in a report on Thursday, March 13th. HC Wainwright cut shares of CervoMed from a “buy” rating to a “neutral” rating in a research report on Tuesday, December 17th. Finally, Brookline Capital Management raised shares of CervoMed from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.50.

CervoMed Price Performance

Shares of CervoMed stock opened at $9.34 on Tuesday. CervoMed has a fifty-two week low of $1.80 and a fifty-two week high of $26.38. The firm has a fifty day moving average price of $2.73 and a two-hundred day moving average price of $7.87.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings data on Monday, March 17th. The company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.13). The business had revenue of $2.16 million for the quarter, compared to the consensus estimate of $1.51 million. CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. As a group, analysts expect that CervoMed will post -1.88 EPS for the current fiscal year.

Hedge Funds Weigh In On CervoMed

A number of large investors have recently bought and sold shares of the business. FMR LLC purchased a new stake in shares of CervoMed in the 3rd quarter worth $56,000. Barclays PLC raised its position in shares of CervoMed by 323.6% in the 3rd quarter. Barclays PLC now owns 7,748 shares of the company’s stock worth $113,000 after acquiring an additional 5,919 shares in the last quarter. Virtu Financial LLC bought a new position in shares of CervoMed in the 4th quarter worth $26,000. DRW Securities LLC bought a new position in shares of CervoMed in the 4th quarter worth $30,000. Finally, Mariner LLC bought a new position in shares of CervoMed in the 4th quarter worth $30,000. Hedge funds and other institutional investors own 25.15% of the company’s stock.

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.