CervoMed Inc. (NASDAQ:CRVO) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• CervoMed Inc. (NASDAQ:CRVO) has received a consensus rating of “Moderate Buy” from nine analysts, with an average 12-month price target of $23.71.
• Despite a 0.7% decline in stock price, CervoMed reported a quarterly revenue of $1.76 million, surpassing estimates, though it missed the EPS consensus.
• Institutional investors hold 25.15% of CervoMed's shares, with notable increases in holdings from firms like JPMorgan Chase & Co., which boosted its stake by 251.8%.

Shares of CervoMed Inc. (NASDAQ:CRVO - Get Free Report) have been given an average recommendation of "Moderate Buy" by the nine ratings firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $23.7143.

Several research firms recently weighed in on CRVO. Canaccord Genuity Group upped their price target on CervoMed from $21.00 to $27.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. D. Boral Capital upped their price target on CervoMed from $15.00 to $31.00 and gave the company a "buy" rating in a research report on Monday, August 18th. Chardan Capital reissued a "buy" rating and set a $15.00 price target on shares of CervoMed in a research report on Monday, August 11th. Finally, Roth Capital reissued a "buy" rating and set a $16.00 price target (down from $20.00) on shares of CervoMed in a research report on Tuesday, August 12th.

Institutional Trading of CervoMed

Hedge funds and other institutional investors have recently modified their holdings of the company. Rhumbline Advisers raised its stake in shares of CervoMed by 35.5% in the 1st quarter. Rhumbline Advisers now owns 5,830 shares of the company's stock valued at $53,000 after acquiring an additional 1,526 shares in the last quarter. HighTower Advisors LLC bought a new position in shares of CervoMed in the first quarter valued at approximately $104,000. Marshall Wace LLP acquired a new stake in shares of CervoMed in the second quarter worth $76,000. Bank of New York Mellon Corp bought a new stake in shares of CervoMed during the 1st quarter worth $110,000. Finally, Mariner LLC bought a new stake in shares of CervoMed during the 4th quarter worth $30,000. 25.15% of the stock is currently owned by hedge funds and other institutional investors.

CervoMed Stock Up 3.2%

Shares of NASDAQ:CRVO traded up $0.30 during mid-day trading on Friday, hitting $9.62. The stock had a trading volume of 117,713 shares, compared to its average volume of 143,674. The company's 50 day moving average is $8.16 and its 200-day moving average is $7.73. CervoMed has a 12-month low of $1.80 and a 12-month high of $20.63.

CervoMed (NASDAQ:CRVO - Get Free Report) last announced its earnings results on Friday, August 8th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.13). The firm had revenue of $1.76 million for the quarter, compared to analyst estimates of $1.45 million. CervoMed had a negative net margin of 290.72% and a negative return on equity of 59.15%. As a group, research analysts expect that CervoMed will post -1.88 earnings per share for the current year.

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.