26,677 Shares in CervoMed Inc. (NASDAQ:CRVO) Purchased 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 purchased a new position in shares of CervoMed Inc. (NASDAQ:CRVO - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 26,677 shares of the company's stock, valued at approximately $244,000. Citizens Financial Group Inc. RI owned 0.31% of CervoMed as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. DRW Securities LLC acquired a new stake in shares of CervoMed in the fourth quarter valued at $30,000. Mariner LLC acquired a new stake in shares of CervoMed in the fourth quarter valued at $30,000. BNP Paribas Financial Markets acquired a new stake in shares of CervoMed in the fourth quarter valued at $32,000. JPMorgan Chase & Co. lifted its holdings in shares of CervoMed by 251.8% in the fourth quarter. JPMorgan Chase & Co. now owns 14,464 shares of the company's stock valued at $34,000 after buying an additional 10,352 shares during the period. Finally, Rhumbline Advisers lifted its holdings in shares of CervoMed by 35.5% in the first quarter. Rhumbline Advisers now owns 5,830 shares of the company's stock valued at $53,000 after buying an additional 1,526 shares during the period. Institutional investors and hedge funds own 25.15% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CRVO. D. Boral Capital upped their price objective on CervoMed from $10.00 to $15.00 and gave the company a "buy" rating in a report on Monday. Chardan Capital reaffirmed a "buy" rating and set a $15.00 target price on shares of CervoMed in a report on Monday. Finally, Canaccord Genuity Group upped their target price on CervoMed from $21.00 to $27.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $22.33.

CervoMed Stock Down 3.6%

Shares of NASDAQ CRVO traded down $0.35 during mid-day trading on Monday, hitting $9.50. 97,542 shares of the company traded hands, compared to its average volume of 819,160. CervoMed Inc. has a 1 year low of $1.80 and a 1 year high of $20.63. The stock has a market capitalization of $82.65 million, a price-to-earnings ratio of -3.64 and a beta of -0.79. The business has a 50 day moving average of $7.56 and a two-hundred day moving average of $7.02.

CervoMed (NASDAQ:CRVO - Get Free Report) last announced 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 analysts' expectations of $1.45 million. CervoMed had a negative return on equity of 56.78% and a negative net margin of 290.72%. As a group, research analysts anticipate that CervoMed Inc. will post -1.88 EPS for the current year.

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.