Roth Mkm Lowers CervoMed (NASDAQ:CRVO) Price Target to $11.00

CervoMed (NASDAQ:CRVO) had its target price reduced by equities research analysts at Roth Mkm from $19.00 to $11.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Roth Mkm’s price objective would indicate a potential upside of 156.71% from the stock’s current price.

A number of other brokerages also recently issued reports on CRVO. Cantor Fitzgerald initiated coverage on CervoMed in a report on Thursday, December 18th. They issued an “overweight” rating for the company. Chardan Capital raised their price objective on shares of CervoMed from $15.00 to $21.00 and gave the stock a “buy” rating in a research note on Wednesday. HC Wainwright reaffirmed a “buy” rating and set a $25.00 target price on shares of CervoMed in a report on Thursday, December 18th. Zacks Research upgraded shares of CervoMed from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Finally, D. Boral Capital reissued a “buy” rating and set a $31.00 price target on shares of CervoMed in a report on Monday. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $23.00.

CervoMed Trading Down 5.4%

CRVO traded down $0.25 during midday trading on Wednesday, hitting $4.29. 48,012 shares of the company were exchanged, compared to its average volume of 92,389. The company’s 50 day simple moving average is $5.36 and its 200 day simple moving average is $7.23. The firm has a market capitalization of $39.67 million, a price-to-earnings ratio of -1.44 and a beta of -0.77. CervoMed has a 1-year low of $3.58 and a 1-year high of $16.94.

CervoMed (NASDAQ:CRVO) last issued its quarterly earnings data on Friday, March 13th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.79) by ($0.09). CervoMed had a negative net margin of 672.80% and a negative return on equity of 96.04%. The company had revenue of $0.01 million during the quarter, compared to analyst estimates of $0.84 million. On average, equities analysts anticipate that CervoMed will post -1.88 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CRVO. Rhumbline Advisers grew its stake in CervoMed by 35.5% in the 1st quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock valued at $53,000 after acquiring an additional 1,526 shares during the period. Marshall Wace LLP acquired a new position in CervoMed during the second quarter worth $76,000. XTX Topco Ltd purchased a new position in CervoMed during the fourth quarter valued at $81,000. Jane Street Group LLC acquired a new stake in shares of CervoMed in the fourth quarter valued at about $88,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of CervoMed in the third quarter valued at about $91,000. 25.15% of the stock is owned by institutional investors and hedge funds.

About CervoMed

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. The company also develops EIP200 for central nervous system which is in preclinical trials. CervoMed Inc was founded in 2010 and is headquartered in Boston, Massachusetts.