Canaccord Genuity Group Raises CervoMed (NASDAQ:CRVO) Price Target to $27.00

Key Points

• Canaccord Genuity Group has increased its price target for CervoMed (NASDAQ:CRVO) from $21.00 to $27.00, indicating a potential upside of 212.97% from its current price.
• The stock has a consensus rating of "Moderate Buy" with five analysts issuing buy ratings and one sell rating based on recent performance and target adjustments.
• CervoMed reported quarterly earnings of ($0.56) EPS, beating estimates, while the company experienced a negative net margin and has a market cap of $75.08 million.

CervoMed (NASDAQ:CRVO - Free Report) had its price objective upped by Canaccord Genuity Group from $21.00 to $27.00 in a report issued on Tuesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other equities analysts also recently commented on the company. D. Boral Capital restated a "buy" rating and issued a $10.00 target price on shares of CervoMed in a research note on Friday, July 25th. Chardan Capital lifted their target price on CervoMed from $14.00 to $15.00 and gave the company a "buy" rating in a research note on Monday, May 12th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $21.50.

CervoMed Price Performance

NASDAQ:CRVO traded up $0.58 during mid-day trading on Tuesday, reaching $8.83. The stock had a trading volume of 220,962 shares, compared to its average volume of 797,873. The company has a market capitalization of $76.82 million, a price-to-earnings ratio of -4.05 and a beta of -0.79. CervoMed has a 1-year low of $1.80 and a 1-year high of $20.63. The stock's 50 day simple moving average is $7.35 and its two-hundred day simple moving average is $6.64.

CervoMed (NASDAQ:CRVO - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported ($0.56) EPS for the quarter, beating analysts' consensus estimates of ($0.60) by $0.04. CervoMed had a negative return on equity of 44.07% and a negative net margin of 200.57%. The company had revenue of $1.92 million during the quarter, compared to the consensus estimate of $1.70 million. Sell-side analysts anticipate that CervoMed will post -1.88 EPS for the current fiscal year.

Institutional Investors Weigh In On CervoMed

A number of hedge funds have recently made changes to their positions in CRVO. Rhumbline Advisers raised its holdings in CervoMed by 35.5% during the first quarter. Rhumbline Advisers now owns 5,830 shares of the company's stock worth $53,000 after purchasing an additional 1,526 shares in the last quarter. Virtu Financial LLC bought a new stake in CervoMed during the fourth quarter worth approximately $26,000. HighTower Advisors LLC bought a new stake in CervoMed during the first quarter worth approximately $104,000. Bank of New York Mellon Corp bought a new stake in CervoMed during the first quarter worth approximately $110,000. Finally, DRW Securities LLC bought a new position in shares of CervoMed in the fourth quarter valued at $30,000. Institutional investors own 25.15% of the company's stock.

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.