CervoMed’s (CRVO) Neutral Rating Reiterated at Chardan Capital

Chardan Capital reissued their neutral rating on shares of CervoMed (NASDAQ:CRVO) in a research report released on Wednesday morning, Marketbeat reports.

A number of other brokerages have also weighed in on CRVO. Roth Capital raised CervoMed to a “strong-buy” rating in a research note on Thursday, December 5th. HC Wainwright started coverage on CervoMed in a research report on Thursday, December 5th. They set a “buy” rating and a $42.00 target price on the stock. D. Boral Capital reiterated a “hold” rating on shares of CervoMed in a report on Tuesday. Finally, Roth Mkm began coverage on shares of CervoMed in a report on Friday, December 6th. They set a “buy” rating and a $45.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, CervoMed has a consensus rating of “Moderate Buy” and a consensus target price of $42.00.

CervoMed Stock Performance

Shares of NASDAQ:CRVO opened at $1.90 on Wednesday. The stock’s fifty day simple moving average is $11.04 and its 200-day simple moving average is $14.55. CervoMed has a 52-week low of $1.81 and a 52-week high of $26.38.

CervoMed (NASDAQ:CRVO) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.14). The firm had revenue of $1.94 million for the quarter, compared to analysts’ expectations of $1.75 million. CervoMed had a negative net margin of 118.68% and a negative return on equity of 44.11%. On average, equities research analysts anticipate that CervoMed will post -1.76 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC raised its holdings in CervoMed by 13.9% in the third quarter. Geode Capital Management LLC now owns 114,934 shares of the company’s stock valued at $1,678,000 after buying an additional 14,042 shares during the period. State Street Corp increased its holdings in CervoMed by 28.1% in the 3rd quarter. State Street Corp now owns 104,456 shares of the company’s stock valued at $1,525,000 after purchasing an additional 22,903 shares in the last quarter. Renaissance Technologies LLC raised its position in CervoMed by 5.2% in the second quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock valued at $554,000 after purchasing an additional 1,600 shares during the period. Citizens Financial Group Inc. RI lifted its stake in shares of CervoMed by 13.2% during the third quarter. Citizens Financial Group Inc. RI now owns 30,509 shares of the company’s stock worth $445,000 after purchasing an additional 3,553 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of CervoMed in the second quarter worth about $236,000. Hedge funds and other institutional investors own 25.15% of the company’s stock.

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.