CervoMed (NASDAQ:CRVO) Price Target Raised to $31.00 at D. Boral Capital

Key Points

• D. Boral Capital has raised its price target for CervoMed (NASDAQ:CRVO) from $15.00 to $31.00, indicating a potential upside of 206.32% from the current price.
• Despite recent positive ratings from analysts, CervoMed reported a quarterly loss of ($0.70) per share, missing expectations, while revenue of $1.76 million exceeded estimates.
• Institutional investors own 25.15% of CervoMed's stock, with several hedge funds recently increasing their positions in the company.

CervoMed (NASDAQ:CRVO - Get Free Report) had its price objective increased by analysts at D. Boral Capital from $15.00 to $31.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. D. Boral Capital's target price indicates a potential upside of 239.54% from the stock's previous close.

Other research analysts have also issued research reports about the company. Canaccord Genuity Group boosted their price target on CervoMed from $21.00 to $27.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Roth Capital reaffirmed a "buy" rating and set a $16.00 price target (down previously from $20.00) on shares of CervoMed in a research report on Tuesday, August 12th. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $23.71.

CervoMed Stock Performance

NASDAQ CRVO traded down $0.09 during trading on Monday, hitting $9.13. The stock had a trading volume of 178,419 shares, compared to its average volume of 818,804. The company has a market capitalization of $84.48 million, a PE ratio of -3.50 and a beta of -0.79. The company's 50-day moving average price is $7.92 and its two-hundred day moving average price is $7.41. CervoMed has a 12 month low of $1.80 and a 12 month high of $20.63.

CervoMed (NASDAQ:CRVO - Get Free Report) last released its earnings results on Friday, August 8th. The company reported ($0.70) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.13). The firm had revenue of $1.76 million during the quarter, compared to the consensus estimate 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, equities analysts anticipate that CervoMed will post -1.88 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its holdings in CervoMed by 251.8% in the 4th quarter. JPMorgan Chase & Co. now owns 14,464 shares of the company's stock valued at $34,000 after buying an additional 10,352 shares in the last quarter. Mariner LLC acquired a new position in CervoMed in the 4th quarter valued at $30,000. BNP Paribas Financial Markets acquired a new position in CervoMed in the 4th quarter valued at $32,000. Nuveen Asset Management LLC grew its holdings in CervoMed by 113.6% in the 4th quarter. Nuveen Asset Management LLC now owns 41,569 shares of the company's stock valued at $97,000 after buying an additional 22,104 shares in the last quarter. Finally, Woodline Partners LP acquired a new position in CervoMed in the 4th quarter valued at $175,000. 25.15% of the stock is owned by institutional investors and hedge funds.

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.