Chardan Capital Reaffirms "Buy" Rating for CervoMed (NASDAQ:CRVO)

Key Points

• Chardan Capital has reaffirmed a "buy" rating for CervoMed (NASDAQ:CRVO) with a target price of $15.00, suggesting a potential upside of 52.28% from its current price.
• The consensus rating for CervoMed is a "Moderate Buy," with estimates averaging a price target of $22.33 from various analysts.
• CervoMed reported a quarterly loss of ($0.70) EPS, missing expectations but exceeding revenue estimates with $1.76 million for the quarter.

CervoMed (NASDAQ:CRVO - Get Free Report)'s stock had its "buy" rating reissued by Chardan Capital in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $15.00 target price on the stock. Chardan Capital's price target indicates a potential upside of 52.28% from the stock's current price.

Several other research analysts have also issued reports on the stock. D. Boral Capital restated a "buy" rating and issued a $10.00 price target on shares of CervoMed in a research report on Friday, July 25th. Canaccord Genuity Group lifted their price target on shares of CervoMed from $21.00 to $27.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, CervoMed has a consensus rating of "Moderate Buy" and a consensus price target of $22.33.

CervoMed Price Performance

NASDAQ CRVO opened at $9.85 on Monday. CervoMed has a 12 month low of $1.80 and a 12 month high of $20.63. The firm has a market capitalization of $85.72 million, a PE ratio of -3.77 and a beta of -0.79. The company's 50 day simple moving average is $7.53 and its 200 day simple moving average is $6.97.

CervoMed (NASDAQ:CRVO - Get Free Report) last posted its quarterly earnings data on Friday, August 8th. The company reported ($0.70) EPS for the quarter, missing analysts' consensus estimates of ($0.57) by ($0.13). The company 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 56.78%. Sell-side analysts anticipate that CervoMed will post -1.88 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CervoMed

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers grew its position in 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 in the last quarter. JPMorgan Chase & Co. grew its position in CervoMed by 251.8% during the 4th quarter. JPMorgan Chase & Co. now owns 14,464 shares of the company's stock worth $34,000 after purchasing an additional 10,352 shares in the last quarter. HighTower Advisors LLC purchased a new position in CervoMed during the 1st quarter worth approximately $104,000. Bank of New York Mellon Corp purchased a new position in CervoMed during the 1st quarter worth approximately $110,000. Finally, Mariner LLC purchased a new position in CervoMed during the 4th quarter worth approximately $30,000. 25.15% of the stock is currently owned by hedge funds and other institutional investors.

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.

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