Nuveen LLC Acquires New Position in CervoMed Inc. $CRVO

Key Points

• Nuveen LLC has acquired a new position in CervoMed Inc. with an investment of approximately $312,000, representing about 0.39% ownership of the company.
• CervoMed's average analyst rating is "Moderate Buy," with an average target price of $23.71, although it has seen significant rating changes from various brokerages recently.
• The company's share price opened at $10.51, with a significant 52-week range between $1.80 and $20.63, highlighting its volatility in the market.

Nuveen LLC purchased a new stake in shares of CervoMed Inc. (NASDAQ:CRVO - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 34,099 shares of the company's stock, valued at approximately $312,000. Nuveen LLC owned about 0.39% of CervoMed at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CRVO. Woodline Partners LP bought a new position in shares of CervoMed during the 4th quarter worth $175,000. Citizens Financial Group Inc. RI bought a new position in shares of CervoMed during the 1st quarter worth $244,000. Avantax Advisory Services Inc. bought a new position in shares of CervoMed during the 1st quarter worth $238,000. Nuveen Asset Management LLC grew its stake in shares of CervoMed by 113.6% during the 4th quarter. Nuveen Asset Management LLC now owns 41,569 shares of the company's stock worth $97,000 after acquiring an additional 22,104 shares during the period. Finally, BNP Paribas Financial Markets bought a new position in shares of CervoMed during the 4th quarter worth $32,000. Institutional investors own 25.15% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. HC Wainwright reiterated a "neutral" rating and set a $11.00 price target on shares of CervoMed in a research note on Monday. Roth Capital reiterated a "buy" rating and set a $16.00 price target (down previously from $20.00) on shares of CervoMed in a research note on Tuesday, August 12th. Canaccord Genuity Group increased their price target on CervoMed from $21.00 to $27.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. D. Boral Capital increased their price objective on CervoMed from $15.00 to $31.00 and gave the stock a "buy" rating in a report on Monday, August 18th. Finally, Chardan Capital reissued a "buy" rating and set a $15.00 price objective on shares of CervoMed in a report on Monday, August 11th. One research 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 given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $19.29.

CervoMed Price Performance

Shares of NASDAQ:CRVO traded up $0.01 on Tuesday, hitting $10.00. The company's stock had a trading volume of 76,331 shares, compared to its average volume of 1,898,055. The company has a 50-day simple moving average of $8.68 and a 200 day simple moving average of $8.08. CervoMed Inc. has a 1 year low of $1.80 and a 1 year high of $20.63. The company has a market capitalization of $92.50 million, a PE ratio of -3.83 and a beta of -0.72.

CervoMed (NASDAQ:CRVO - Get Free Report) last released its quarterly earnings results on Friday, August 8th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $1.76 million during the quarter, compared to analysts' expectations of $1.45 million. On average, equities research analysts expect that CervoMed Inc. will post -1.88 earnings per share for the current fiscal 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.