AWM Investment Company Inc. Makes New $7.90 Million Investment in CervoMed Inc. $CRVO

Key Points

• AWM Investment Company Inc. acquired 863,200 shares of CervoMed Inc. (NASDAQ: CRVO), representing approximately 9.92% of the company's stock and valued at around $7.9 million.
• Recent analyst reports have set varying price targets for CervoMed, with a consensus rating of "Moderate Buy" and an average target price of $23.71.
• CervoMed's recent earnings report showed a loss of ($0.70) per share, missing estimates, but it exceeded revenue expectations with $1.76 million generated for the quarter.

AWM Investment Company Inc. purchased a new stake in CervoMed Inc. (NASDAQ:CRVO - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 863,200 shares of the company's stock, valued at approximately $7,898,000. AWM Investment Company Inc. owned approximately 9.92% of CervoMed as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Woodline Partners LP purchased a new stake in shares of CervoMed in the 4th quarter valued at approximately $175,000. Nuveen Asset Management LLC lifted its position in shares of 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 acquiring an additional 22,104 shares in the last quarter. Nuveen LLC purchased a new stake in shares of CervoMed in the 1st quarter valued at approximately $312,000. Citizens Financial Group Inc. RI purchased a new stake in shares of CervoMed in the 1st quarter valued at approximately $244,000. Finally, Avantax Advisory Services Inc. purchased a new stake in shares of CervoMed in the 1st quarter valued at approximately $238,000. Hedge funds and other institutional investors own 25.15% of the company's stock.

CervoMed Price Performance

NASDAQ:CRVO traded down $0.34 during midday trading on Monday, reaching $10.18. The stock had a trading volume of 60,612 shares, compared to its average volume of 1,908,456. CervoMed Inc. has a 1-year low of $1.80 and a 1-year high of $20.63. The firm's fifty day simple moving average is $8.52 and its 200-day simple moving average is $8.01. The stock has a market capitalization of $94.12 million, a P/E ratio of -3.90 and a beta of -0.72.

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CRVO shares. D. Boral Capital upped their price target on shares of CervoMed from $15.00 to $31.00 and gave the company a "buy" rating in a research report on Monday, August 18th. Roth Capital reiterated a "buy" rating and issued a $16.00 target price (down previously from $20.00) on shares of CervoMed in a research report on Tuesday, August 12th. Canaccord Genuity Group increased their target price 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. Chardan Capital reiterated a "buy" rating and issued a $15.00 target price on shares of CervoMed in a research report on Monday, August 11th. Finally, HC Wainwright reiterated a "neutral" rating and issued a $11.00 target price on shares of CervoMed in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, CervoMed presently has an average rating of "Moderate Buy" and a consensus price target of $19.29.

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.