Woodline Partners LP Invests $175,000 in CervoMed Inc. (NASDAQ:CRVO)

Woodline Partners LP purchased a new stake in CervoMed Inc. (NASDAQ:CRVO - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 74,852 shares of the company's stock, valued at approximately $175,000. Woodline Partners LP owned 1.21% of CervoMed at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Virtu Financial LLC acquired a new position in CervoMed in the fourth quarter valued at approximately $26,000. DRW Securities LLC purchased a new stake in CervoMed in the fourth quarter valued at $30,000. Mariner LLC acquired a new position in shares of CervoMed in the 4th quarter valued at $30,000. BNP Paribas Financial Markets acquired a new position in shares of CervoMed in the 4th quarter valued at $32,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of 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 during the period. Hedge funds and other institutional investors own 25.15% of the company's stock.

CervoMed Stock Down 8.7%

CervoMed stock traded down $0.68 during mid-day trading on Friday, reaching $7.11. 162,328 shares of the company's stock were exchanged, compared to its average volume of 1,330,797. CervoMed Inc. has a twelve month low of $1.80 and a twelve month high of $22.57. The company has a market cap of $61.88 million, a P/E ratio of -3.26 and a beta of -0.23. The company has a fifty day moving average of $9.13 and a 200-day moving average of $6.12.

CervoMed (NASDAQ:CRVO - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $1.92 million for the quarter, compared to analysts' expectations of $1.70 million. CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. Equities research analysts expect that CervoMed Inc. will post -1.88 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Jones Trading raised shares of CervoMed from a "hold" rating to a "buy" rating and set a $15.00 target price on the stock in a research report on Thursday, March 13th. Brookline Capital Management raised shares of CervoMed from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, March 11th. Canaccord Genuity Group increased their price objective on shares of CervoMed from $12.00 to $21.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. D. Boral Capital reiterated a "buy" rating and issued a $10.00 target price on shares of CervoMed in a report on Tuesday, May 13th. Finally, Roth Mkm upped their price target on CervoMed from $15.00 to $20.00 and gave the stock a "buy" rating in a research note on Tuesday, March 18th. One analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $27.63.

CervoMed 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.