Brokerages Set CervoMed Inc. (NASDAQ:CRVO) Price Target at $21.00

Shares of CervoMed Inc. (NASDAQ:CRVO) have received a consensus recommendation of “Moderate Buy” from the seven ratings firms that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $21.00.

A number of research analysts have commented on CRVO shares. HC Wainwright restated a “buy” rating on shares of CervoMed in a research note on Wednesday, August 12th. Roth Capital set a $7.00 target price on CervoMed in a report on Thursday, August 20th. Weiss Ratings lowered CervoMed from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, September 3rd. Wall Street Zen upgraded CervoMed from a “strong sell” rating to a “sell” rating in a report on Saturday, August 15th. Finally, Chardan Capital raised shares of CervoMed to a “strong-buy” rating in a research report on Monday, August 3rd.

Institutional Investors Weigh In On CervoMed

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Citizens Financial Group Inc. RI acquired a new position in CervoMed in the 2nd quarter worth $116,000. BlackRock Inc. acquired a new stake in shares of CervoMed during the second quarter valued at about $167,000. Byrne Asset Management LLC grew its stake in shares of CervoMed by 248.6% during the second quarter. Byrne Asset Management LLC now owns 51,250 shares of the company’s stock valued at $159,000 after acquiring an additional 36,550 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of CervoMed during the first quarter worth about $252,000. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of CervoMed by 8,425,900.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 84,260 shares of the company’s stock worth $666,000 after acquiring an additional 84,259 shares in the last quarter. Hedge funds and other institutional investors own 25.15% of the company’s stock.

CervoMed Stock Down 1.6%

CRVO opened at $2.53 on Tuesday. CervoMed has a 52-week low of $2.13 and a 52-week high of $10.00. The company has a 50 day moving average of $2.79 and a two-hundred day moving average of $3.38. The company has a market cap of $38.25 million, a P/E ratio of -0.79 and a beta of -0.64.

CervoMed (NASDAQ:CRVO) last posted its earnings results on Friday, August 7th. The company reported ($0.64) earnings per share for the quarter, beating the consensus estimate of ($0.86) by $0.22. CervoMed had a negative net margin of 672.80% and a negative return on equity of 156.02%. Research analysts anticipate that CervoMed will post -2.38 earnings per share 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. 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.