HC Wainwright Reiterates Neutral Rating for CervoMed (NASDAQ:CRVO)

Key Points

• HC Wainwright has reiterated a neutral rating for CervoMed (NASDAQ:CRVO) with a target price of $11.00, indicating a potential upside of 4.66% from the previous close.
• Other analysts have varied opinions, with Canaccord Genuity raising its target from $21.00 to $27.00 and maintaining a buy rating, while the consensus price target across multiple analysts stands at $19.29.
• CervoMed reported a loss of $0.70 per share in its last earnings announcement, missing the consensus estimate, despite revenue of $1.76 million surpassing expectations.

CervoMed (NASDAQ:CRVO - Get Free Report)'s stock had its "neutral" rating reiterated by HC Wainwright in a report released on Monday,Benzinga reports. They currently have a $11.00 target price on the stock. HC Wainwright's price objective suggests a potential upside of 4.66% from the stock's previous close.

A number of other research analysts have also commented on the company. Canaccord Genuity Group upped their target price on CervoMed from $21.00 to $27.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Chardan Capital restated a "buy" rating and issued a $15.00 target price on shares of CervoMed in a research note on Monday, August 11th. Roth Capital reiterated a "buy" rating and set a $16.00 price objective (down from $20.00) on shares of CervoMed in a research note on Tuesday, August 12th. Finally, D. Boral Capital increased their price objective on CervoMed from $15.00 to $31.00 and gave the stock a "buy" rating in a research note on Monday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $19.29.

CervoMed Trading Up 2.9%

Shares of NASDAQ CRVO opened at $10.51 on Monday. The business has a fifty day simple moving average of $8.52 and a 200 day simple moving average of $8.01. The firm has a market capitalization of $97.22 million, a price-to-earnings ratio of -4.03 and a beta of -0.72. CervoMed has a one year low of $1.80 and a one year high of $20.63.

CervoMed (NASDAQ:CRVO - Get Free Report) last issued its 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 firm had revenue of $1.76 million during the quarter, compared to analyst estimates of $1.45 million. CervoMed had a negative net margin of 290.72% and a negative return on equity of 59.15%. On average, research analysts anticipate that CervoMed will post -1.88 earnings per share for the current fiscal year.

Institutional Trading of CervoMed

Hedge funds and other institutional investors have recently made changes to their positions in the business. Woodline Partners LP acquired a new stake in shares of CervoMed in the fourth quarter valued at $175,000. Rhumbline Advisers increased its stake 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 in the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of CervoMed in the fourth quarter valued at $32,000. HighTower Advisors LLC acquired a new stake in shares of CervoMed in the first quarter valued at $104,000. Finally, Citizens Financial Group Inc. RI acquired a new stake in shares of CervoMed in the first quarter valued at $244,000. 25.15% of the stock is currently owned by institutional investors and hedge funds.

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.

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