CervoMed (NASDAQ:CRVO) Coverage Initiated at Chardan Capital

Chardan Capital began coverage on shares of CervoMed (NASDAQ:CRVO) in a research note released on Wednesday morning, Marketbeat reports. The firm issued a buy rating and a $55.00 target price on the stock.

Other equities research analysts also recently issued reports about the stock. Canaccord Genuity Group reiterated a buy rating and issued a $65.00 target price on shares of CervoMed in a research note on Thursday, July 25th. Brookline Capital Management initiated coverage on CervoMed in a research report on Monday, July 8th. They issued a buy rating and a $63.00 price objective for the company. Finally, Morgan Stanley began coverage on CervoMed in a research note on Friday, July 26th. They set an overweight rating and a $35.00 target price for the company. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of Buy and a consensus price target of $53.60.

CervoMed Trading Down 3.6 %

Shares of CervoMed stock opened at $16.84 on Wednesday. CervoMed has a 12-month low of $4.28 and a 12-month high of $26.38. The business’s 50 day moving average is $15.58 and its 200-day moving average is $18.96.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.03). The firm had revenue of $3.29 million for the quarter, compared to the consensus estimate of $3.48 million. CervoMed had a negative return on equity of 27.91% and a negative net margin of 52.24%. On average, equities research analysts expect that CervoMed will post -1.49 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. RA Capital Management L.P. acquired a new position in shares of CervoMed in the first quarter valued at approximately $20,075,000. Ikarian Capital LLC acquired a new stake in CervoMed during the 1st quarter worth approximately $5,530,000. Crown Advisors Management Inc. bought a new stake in CervoMed in the 1st quarter valued at $2,330,000. Citizens Financial Group Inc. RI acquired a new position in CervoMed in the 2nd quarter valued at $461,000. Finally, Bank of New York Mellon Corp bought a new position in CervoMed during the 2nd quarter worth $236,000. 25.15% of the stock is owned by institutional investors.

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.