Avantax Advisory Services Inc. Takes Position in CervoMed Inc. (NASDAQ:CRVO)

Key Points

• Avantax Advisory Services Inc. has invested approximately $238,000 in CervoMed Inc., acquiring 25,984 shares and owning 0.30% of the company.
• CervoMed received several positive ratings upgrades from analysts, with a consensus price target of $21.50 and a current "Moderate Buy" rating.
• CervoMed recently reported a revenue of $1.76 million for the last quarter, exceeding estimates, but posted a loss of ($0.70) per share, missing analysts' expectations.

Avantax Advisory Services Inc. bought a new stake in CervoMed Inc. (NASDAQ:CRVO - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 25,984 shares of the company's stock, valued at approximately $238,000. Avantax Advisory Services Inc. owned approximately 0.30% of CervoMed as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. lifted its position in shares of CervoMed by 251.8% during the fourth quarter. JPMorgan Chase & Co. now owns 14,464 shares of the company's stock worth $34,000 after acquiring an additional 10,352 shares in the last quarter. DRW Securities LLC purchased a new stake in shares of CervoMed during the fourth quarter worth $30,000. Mariner LLC purchased a new stake in shares of CervoMed during the fourth quarter worth $30,000. BNP Paribas Financial Markets purchased a new stake in shares of CervoMed during the fourth quarter worth $32,000. Finally, Nuveen Asset Management LLC lifted its position in shares of CervoMed by 113.6% during the fourth quarter. Nuveen Asset Management LLC now owns 41,569 shares of the company's stock worth $97,000 after acquiring an additional 22,104 shares in the last quarter. 25.15% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CRVO has been the topic of a number of recent analyst reports. Chardan Capital reiterated a "buy" rating and issued a $15.00 price objective on shares of CervoMed in a research report on Monday. Roth Capital set a $16.00 price objective on CervoMed and gave the stock a "buy" rating in a research report on Tuesday. D. Boral Capital increased their price objective on CervoMed from $10.00 to $15.00 and gave the stock a "buy" rating in a research report on Monday. Finally, Canaccord Genuity Group increased their price objective on 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 assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, CervoMed currently has an average rating of "Moderate Buy" and an average target price of $21.43.

CervoMed Stock Up 2.5%

Shares of CRVO stock traded up $0.24 during trading hours on Thursday, hitting $9.88. 52,436 shares of the company's stock traded hands, compared to its average volume of 2,094,395. The stock's fifty day simple moving average is $7.64 and its two-hundred day simple moving average is $7.05. CervoMed Inc. has a 12-month low of $1.80 and a 12-month high of $20.63. The stock has a market cap of $91.42 million, a price-to-earnings ratio of -3.79 and a beta of -0.79.

CervoMed (NASDAQ:CRVO - Get Free Report) last released its quarterly earnings data 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 business 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%. On average, equities analysts forecast that CervoMed Inc. will post -1.88 earnings per share 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.