CervoMed (NASDAQ:CRVO) Given “Buy” Rating at Canaccord Genuity Group

Canaccord Genuity Group restated their buy rating on shares of CervoMed (NASDAQ:CRVO) in a research report report published on Thursday morning, Benzinga reports. The firm currently has a $65.00 target price on the stock.

Separately, Brookline Capital Management initiated coverage on shares of CervoMed in a research note on Monday, July 8th. They set a buy rating and a $63.00 target price for the company.

CervoMed Trading Down 2.4 %

Shares of CervoMed stock opened at $14.03 on Thursday. CervoMed has a fifty-two week low of $4.28 and a fifty-two week high of $26.38. The firm has a 50-day simple moving average of $17.95 and a two-hundred day simple moving average of $17.85.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings results on Tuesday, May 14th. The company reported ($0.41) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.05. The company had revenue of $2.35 million during the quarter, compared to analyst estimates of $2.00 million. On average, equities research analysts forecast that CervoMed will post -1.44 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CRVO. Bank of New York Mellon Corp acquired a new stake in CervoMed during the 2nd quarter worth $236,000. CWM LLC purchased a new position in shares of CervoMed in the fourth quarter worth about $292,000. Crown Advisors Management Inc. acquired a new position in CervoMed during the first quarter worth about $2,330,000. Ikarian Capital LLC purchased a new stake in CervoMed during the 1st quarter valued at about $5,530,000. Finally, RA Capital Management L.P. acquired a new stake in CervoMed in the 1st quarter valued at about $20,075,000. 25.15% of the stock is 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.