CervoMed Inc. (NASDAQ:CRVO) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of CervoMed Inc. (NASDAQ:CRVO) have earned an average rating of “Moderate Buy” from the eleven ratings firms that are covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $21.8571.

CRVO has been the topic of several analyst reports. Chardan Capital reaffirmed a “buy” rating and set a $15.00 price target on shares of CervoMed in a research report on Monday, August 11th. Canaccord Genuity Group raised their target price on CervoMed from $21.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, July 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of CervoMed in a research note on Wednesday, October 8th. D. Boral Capital reissued a “buy” rating and set a $31.00 price objective on shares of CervoMed in a research report on Tuesday. Finally, HC Wainwright upgraded shares of CervoMed from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $11.00 to $25.00 in a report on Wednesday, November 5th.

CervoMed Trading Up 1.0%

Shares of CRVO stock opened at $6.97 on Wednesday. CervoMed has a twelve month low of $1.80 and a twelve month high of $16.94. The company’s 50-day moving average price is $8.06 and its 200-day moving average price is $8.18. The stock has a market cap of $64.49 million, a price-to-earnings ratio of -2.67 and a beta of -0.89.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings data on Friday, November 7th. The company reported ($0.84) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.16). The firm had revenue of $0.32 million for the quarter, compared to analyst estimates of $1.43 million. CervoMed had a negative return on equity of 59.15% and a negative net margin of 290.72%. As a group, equities research analysts predict that CervoMed will post -1.88 EPS for the current year.

Hedge Funds Weigh In On CervoMed

Several large investors have recently made changes to their positions in CRVO. Rhumbline Advisers boosted its position in shares of CervoMed by 35.5% during the 1st quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock worth $53,000 after purchasing an additional 1,526 shares during the period. Marshall Wace LLP acquired a new position in CervoMed during the second quarter worth $76,000. Thompson Davis & CO. Inc. purchased a new position in CervoMed during the 2nd quarter valued at about $88,000. GSA Capital Partners LLP acquired a new stake in shares of CervoMed during the third quarter worth about $91,000. Finally, HighTower Advisors LLC acquired a new stake in CervoMed during the 1st quarter worth approximately $104,000. 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.