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

Key Points

• CervoMed Inc. (NASDAQ:CRVO) has received a consensus recommendation of "Moderate Buy" from nine brokerages, with an average price target of $21.50.
• Several hedge funds have recently invested in CervoMed, indicating growing institutional interest in the company.
• CervoMed's stock has increased by 7.0% and is currently priced at $8.83, with a twelve-month range between $1.80 and $20.63.

CervoMed Inc. (NASDAQ:CRVO - Get Free Report) has been given an average rating of "Moderate Buy" by the nine ratings firms that are covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, five have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $21.50.

CRVO has been the topic of a number of analyst reports. D. Boral Capital reiterated a "buy" rating and issued a $10.00 price target on shares of CervoMed in a research report on Friday, July 25th. Chardan Capital increased their price target on shares of CervoMed from $14.00 to $15.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Finally, Canaccord Genuity Group increased their price target on shares of CervoMed from $21.00 to $27.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th.

Institutional Trading of CervoMed

Hedge funds and other institutional investors have recently made changes to their positions in the company. Rhumbline Advisers lifted its stake in CervoMed by 35.5% in the first quarter. Rhumbline Advisers now owns 5,830 shares of the company's stock valued at $53,000 after buying an additional 1,526 shares during the period. HighTower Advisors LLC acquired a new position in CervoMed in the first quarter valued at approximately $104,000. Bank of New York Mellon Corp acquired a new position in CervoMed in the first quarter valued at approximately $110,000. DRW Securities LLC acquired a new position in shares of CervoMed during the fourth quarter worth approximately $30,000. Finally, Mariner LLC acquired a new position in shares of CervoMed during the fourth quarter worth approximately $30,000. 25.15% of the stock is currently owned by institutional investors.

CervoMed Stock Down 2.5%

NASDAQ:CRVO traded down $0.24 during mid-day trading on Monday, reaching $9.45. 119,065 shares of the company were exchanged, compared to its average volume of 2,160,794. The stock has a market cap of $82.22 million, a PE ratio of -4.33 and a beta of -0.79. CervoMed has a 12 month low of $1.80 and a 12 month high of $20.63. The company has a fifty day moving average of $7.45 and a 200 day moving average of $6.80.

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

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.