CervoMed (NASDAQ:CRVO) Earns “Buy” Rating from Chardan Capital

Chardan Capital restated their buy rating on shares of CervoMed (NASDAQ:CRVO) in a report published on Thursday,Benzinga reports. The brokerage currently has a $55.00 price objective on the stock.

Other equities research analysts also recently issued research reports about the company. Morgan Stanley assumed coverage on CervoMed in a report on Friday, July 26th. They issued an “overweight” rating and a $35.00 target price on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $65.00 target price on shares of CervoMed in a report on Thursday, July 25th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, CervoMed has a consensus rating of “Buy” and a consensus target price of $53.60.

CervoMed Price Performance

Shares of NASDAQ:CRVO opened at $10.77 on Thursday. CervoMed has a 1 year low of $5.85 and a 1 year high of $26.38. The business’s 50 day simple moving average is $13.92 and its 200 day simple moving average is $16.46.

CervoMed (NASDAQ:CRVO) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.14). The company had revenue of $1.94 million for 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 analysts predict that CervoMed will post -1.66 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Renaissance Technologies LLC lifted its stake in shares of CervoMed by 5.2% in the 2nd quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock valued at $554,000 after acquiring an additional 1,600 shares during the last quarter. Fred Alger Management LLC bought a new position in shares of CervoMed in the 2nd quarter valued at $60,000. Citizens Financial Group Inc. RI lifted its stake in shares of 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 acquiring an additional 3,553 shares during the last quarter. FMR LLC bought a new position in shares of CervoMed in the 3rd quarter valued at $56,000. Finally, Rhumbline Advisers bought a new position in shares of CervoMed in the 2nd quarter valued at $96,000. 25.15% of the stock is currently owned by institutional investors.

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.