Avantax Advisory Services Inc. Makes New Investment 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. acquired a new position in CervoMed Inc. (NASDAQ:CRVO - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 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.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Bank of New York Mellon Corp bought a new position in CervoMed in the first quarter worth approximately $110,000. Rhumbline Advisers grew its stake in CervoMed by 35.5% in the first 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. Woodline Partners LP bought a new position in CervoMed in the fourth quarter worth approximately $175,000. Nuveen Asset Management LLC grew its stake in CervoMed by 113.6% in the fourth quarter. Nuveen Asset Management LLC now owns 41,569 shares of the company's stock worth $97,000 after purchasing an additional 22,104 shares in the last quarter. Finally, BNP Paribas Financial Markets bought a new position in CervoMed in the fourth quarter worth approximately $32,000. Institutional investors own 25.15% of the company's stock.

CervoMed Stock Down 1.1%

Shares of CervoMed stock traded down $0.10 during trading on Tuesday, reaching $9.40. The company's stock had a trading volume of 112,822 shares, compared to its average volume of 820,395. CervoMed Inc. has a 1-year low of $1.80 and a 1-year high of $20.63. The company has a 50-day simple moving average of $7.60 and a two-hundred day simple moving average of $7.04.

CervoMed (NASDAQ:CRVO - Get Free Report) last posted its quarterly earnings data on Friday, August 8th. The company reported ($0.70) earnings per share for the quarter, missing analysts' consensus estimates of ($0.57) by ($0.13). The business had revenue of $1.76 million during the quarter, compared to analyst estimates of $1.45 million. CervoMed had a negative return on equity of 59.15% and a negative net margin of 290.72%. Equities research analysts forecast that CervoMed Inc. will post -1.88 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently issued reports on CRVO shares. 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 note on Tuesday, July 29th. Chardan Capital restated a "buy" rating and set a $15.00 target price on shares of CervoMed in a report on Monday. Roth Capital set a $16.00 target price on CervoMed and gave the stock a "buy" rating in a report on Tuesday. Finally, D. Boral Capital upped their target price on CervoMed from $10.00 to $15.00 and gave the stock a "buy" rating in a report on Monday. One research analyst has rated the stock with a sell rating, one has given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $21.43.

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.