CervoMed’s (CRVO) “Buy” Rating Reaffirmed at Chardan Capital

CervoMed (NASDAQ:CRVO)‘s stock had its “buy” rating reaffirmed by stock analysts at Chardan Capital in a research report issued on Thursday,Benzinga reports. They currently have a $55.00 price target on the stock. Chardan Capital’s price objective would indicate a potential upside of 410.68% from the company’s previous close.

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

CervoMed Stock Down 1.4 %

Shares of CervoMed stock opened at $10.77 on Thursday. The firm’s 50 day moving average price is $13.99 and its 200-day moving average price is $16.66. CervoMed has a 52-week low of $5.85 and a 52-week high of $26.38.

CervoMed (NASDAQ:CRVO) last issued 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). CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. The firm had revenue of $1.94 million during the quarter, compared to analysts’ expectations of $1.75 million. On average, equities research analysts forecast that CervoMed will post -1.45 EPS for the current fiscal year.

Hedge Funds Weigh In On CervoMed

Several large investors have recently made changes to their positions in the company. Barclays PLC increased its holdings in 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. State Street Corp increased its holdings in CervoMed by 28.1% in the 3rd quarter. State Street Corp now owns 104,456 shares of the company’s stock worth $1,525,000 after acquiring an additional 22,903 shares in the last quarter. FMR LLC purchased a new stake in CervoMed in the 3rd quarter worth $56,000. Citizens Financial Group Inc. RI increased its holdings in CervoMed by 13.2% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 30,509 shares of the company’s stock worth $445,000 after acquiring an additional 3,553 shares in the last quarter. Finally, Fred Alger Management LLC purchased a new stake in CervoMed in the 2nd quarter worth $60,000. 25.15% of the stock is currently owned by institutional investors and hedge funds.

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.