26,677 Shares in CervoMed Inc. (NASDAQ:CRVO) Acquired by Citizens Financial Group Inc. RI

Key Points

• Citizens Financial Group Inc. RI has purchased a new stake in CervoMed Inc., acquiring 26,677 shares valued at approximately $244,000 during the 1st quarter.
• Equities research analysts have a consensus rating of “Moderate Buy” for CervoMed, with an average price target of $21.50.
• CervoMed recently reported a quarterly earnings loss of ($0.70) EPS, which was below the consensus estimate of ($0.57), alongside revenue of $1.76 million.

Citizens Financial Group Inc. RI acquired a new position in shares of CervoMed Inc. (NASDAQ:CRVO - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 26,677 shares of the company's stock, valued at approximately $244,000. Citizens Financial Group Inc. RI owned about 0.31% of CervoMed at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its position in CervoMed by 251.8% in the fourth quarter. JPMorgan Chase & Co. now owns 14,464 shares of the company's stock worth $34,000 after buying an additional 10,352 shares during the last quarter. DRW Securities LLC bought a new stake in CervoMed during the fourth quarter worth about $30,000. Mariner LLC bought a new stake in shares of CervoMed in the 4th quarter valued at about $30,000. BNP Paribas Financial Markets bought a new stake in shares of CervoMed in the 4th quarter valued at about $32,000. Finally, Nuveen Asset Management LLC increased its holdings 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 during the period. 25.15% of the stock is currently owned by institutional investors.

CervoMed Price Performance

CervoMed stock traded up $0.24 during midday trading on Thursday, reaching $9.88. The company's stock had a trading volume of 52,436 shares, compared to its average volume of 2,094,395. The stock's 50-day simple moving average is $7.64 and its 200-day simple moving average is $7.05. CervoMed Inc. has a 52-week low of $1.80 and a 52-week high of $20.63. The stock has a market capitalization of $91.42 million, a P/E ratio of -3.79 and a beta of -0.79.

CervoMed (NASDAQ:CRVO - Get Free Report) last released its quarterly earnings results on Friday, August 8th. The company reported ($0.70) EPS 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 analysts' expectations of $1.45 million. CervoMed had a negative net margin of 290.72% and a negative return on equity of 59.15%. As a group, equities research analysts expect that CervoMed Inc. will post -1.88 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CRVO. D. Boral Capital lifted their price objective on CervoMed from $10.00 to $15.00 and gave the company a "buy" rating in a research note on Monday. Roth Capital set a $16.00 price target on CervoMed and gave the company a "buy" rating in a research note on Tuesday. Chardan Capital reissued a "buy" rating and issued a $15.00 price target on shares of CervoMed in a report on Monday. Finally, Canaccord Genuity Group boosted their target price on CervoMed from $21.00 to $27.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. One equities 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. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $21.43.

CervoMed Company 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.