Perigon Wealth Management LLC Decreases Holdings in CervoMed Inc. (NASDAQ:CRVO)

Perigon Wealth Management LLC decreased its position in shares of CervoMed Inc. (NASDAQ:CRVO - Free Report) by 71.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,206 shares of the company's stock after selling 44,523 shares during the period. Perigon Wealth Management LLC owned 0.21% of CervoMed worth $167,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Woodline Partners LP acquired a new position in CervoMed during the 4th quarter valued at approximately $175,000. Rhumbline Advisers increased its stake in CervoMed by 35.5% during the 1st quarter. Rhumbline Advisers now owns 5,830 shares of the company's stock valued at $53,000 after purchasing an additional 1,526 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in CervoMed during the 4th quarter valued at approximately $32,000. Virtu Financial LLC acquired a new position in CervoMed during the 4th quarter valued at approximately $26,000. Finally, Nuveen Asset Management LLC increased its stake in CervoMed by 113.6% during the 4th quarter. Nuveen Asset Management LLC now owns 41,569 shares of the company's stock valued at $97,000 after purchasing an additional 22,104 shares in the last quarter. Hedge funds and other institutional investors own 25.15% of the company's stock.

CervoMed Stock Up 2.9%

Shares of NASDAQ:CRVO traded up $0.16 during midday trading on Friday, reaching $5.72. The company's stock had a trading volume of 127,234 shares, compared to its average volume of 1,346,373. The firm has a market capitalization of $49.76 million, a PE ratio of -2.62 and a beta of -0.75. CervoMed Inc. has a twelve month low of $1.80 and a twelve month high of $20.63. The stock has a fifty day moving average of $7.87 and a 200 day moving average of $5.89.

CervoMed (NASDAQ:CRVO - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The company reported ($0.56) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.60) by $0.04. CervoMed had a negative net margin of 200.57% and a negative return on equity of 44.07%. The firm had revenue of $1.92 million for the quarter, compared to the consensus estimate of $1.70 million. Sell-side analysts anticipate 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 issued reports on the stock. Jones Trading upgraded shares of CervoMed from a "hold" rating to a "buy" rating and set a $15.00 price target on the stock in a research note on Thursday, March 13th. Brookline Capital Management upgraded shares of CervoMed from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, March 11th. Canaccord Genuity Group upped their price target on shares of CervoMed from $12.00 to $21.00 and gave the company a "buy" rating in a research note on Tuesday, March 18th. D. Boral Capital restated a "buy" rating and set a $10.00 price target on shares of CervoMed in a research note on Wednesday, June 11th. Finally, Chardan Capital increased their price objective on shares of CervoMed from $14.00 to $15.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target 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.