CervoMed (NASDAQ:CRVO) Rating Lowered to Neutral at HC Wainwright

CervoMed (NASDAQ:CRVO) was downgraded by investment analysts at HC Wainwright from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday, MarketBeat reports.

Several other equities analysts also recently commented on CRVO. Canaccord Genuity Group dropped their price objective on CervoMed from $65.00 to $12.00 and set a “buy” rating on the stock in a research note on Wednesday, December 11th. Roth Capital upgraded CervoMed to a “strong-buy” rating in a research note on Thursday, December 5th. Chardan Capital restated a “neutral” rating on shares of CervoMed in a research note on Wednesday, December 11th. Morgan Stanley reaffirmed an “underweight” rating on shares of CervoMed in a report on Wednesday, December 11th. Finally, D. Boral Capital reiterated a “hold” rating on shares of CervoMed in a research note on Tuesday, December 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, CervoMed presently has a consensus rating of “Hold” and an average price target of $42.00.

CervoMed Stock Up 3.1 %

Shares of CervoMed stock opened at $2.00 on Tuesday. CervoMed has a 1 year low of $1.80 and a 1 year high of $26.38. The stock has a fifty day moving average price of $10.36 and a 200-day moving average price of $14.16.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings data 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 analysts’ expectations of $1.75 million. CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. As a group, equities research analysts expect that CervoMed will post -1.77 EPS for the current year.

Hedge Funds Weigh In On CervoMed

Hedge funds have recently bought and sold shares of the company. Fred Alger Management LLC purchased a new stake in CervoMed in the 2nd quarter worth approximately $60,000. FMR LLC purchased a new stake in shares of CervoMed in the third quarter worth $56,000. Rhumbline Advisers bought a new stake in CervoMed during the second quarter valued at $96,000. Barclays PLC grew its position in 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 in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in CervoMed during the second quarter worth about $236,000. 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.