CervoMed (NASDAQ:CRVO) Receives Underweight Rating from Morgan Stanley

CervoMed (NASDAQ:CRVO)‘s stock had its “underweight” rating reiterated by Morgan Stanley in a research report issued to clients and investors on Wednesday.

CRVO has been the subject of several other reports. Roth Capital raised 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 report on Wednesday. HC Wainwright started coverage on shares of CervoMed in a research report on Thursday, December 5th. They issued a “buy” rating and a $42.00 price objective on the stock. D. Boral Capital reissued a “hold” rating on shares of CervoMed in a research note on Tuesday. Finally, Roth Mkm assumed coverage on shares of CervoMed in a research report on Friday, December 6th. They set a “buy” rating and a $45.00 target price for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, CervoMed has an average rating of “Moderate Buy” and a consensus target price of $48.63.

CervoMed Stock Performance

Shares of NASDAQ CRVO opened at $2.16 on Wednesday. CervoMed has a one year low of $2.11 and a one year high of $26.38. The company’s fifty day moving average is $11.99 and its two-hundred day moving average is $14.97.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.55) 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 company had revenue of $1.94 million for the quarter, compared to analysts’ expectations of $1.75 million. On average, equities analysts predict that CervoMed will post -1.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CervoMed

Several hedge funds have recently modified their holdings of CRVO. Citizens Financial Group Inc. RI acquired a new position in shares of CervoMed in the second quarter valued at approximately $461,000. Renaissance Technologies LLC grew its stake in CervoMed by 5.2% in the 2nd quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock worth $554,000 after acquiring an additional 1,600 shares during the period. Rhumbline Advisers acquired a new position in CervoMed in the 2nd quarter valued at $96,000. Bank of New York Mellon Corp purchased a new position in shares of CervoMed during the 2nd quarter worth $236,000. Finally, Fred Alger Management LLC acquired a new stake in shares of CervoMed during the second quarter worth $60,000. 25.15% of the stock is owned by institutional investors and hedge funds.

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.