CervoMed Inc. (NASDAQ:CRVO) Given Average Recommendation of “Hold” by Analysts

CervoMed Inc. (NASDAQ:CRVO) has been given an average recommendation of “Hold” by the nine research firms that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $42.00.

Several research firms have recently weighed in on CRVO. Canaccord Genuity Group lowered their price objective on shares of CervoMed from $65.00 to $12.00 and set a “buy” rating for the company in a research note on Wednesday, December 11th. Roth Capital upgraded shares of CervoMed to a “strong-buy” rating in a report on Thursday, December 5th. Morgan Stanley restated an “underweight” rating on shares of CervoMed in a research note on Wednesday, December 11th. Chardan Capital reaffirmed a “neutral” rating on shares of CervoMed in a research note on Wednesday, December 11th. Finally, HC Wainwright cut CervoMed from a “buy” rating to a “neutral” rating in a research note on Tuesday, December 17th.

CervoMed Stock Performance

CRVO stock opened at $2.23 on Friday. The company’s fifty day simple moving average is $9.93 and its 200 day simple moving average is $13.92. CervoMed has a 12-month low of $1.80 and a 12-month 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 analysts’ consensus estimates of ($0.41) by ($0.14). CervoMed had a negative net margin of 118.68% and a negative return on equity of 44.11%. The business had revenue of $1.94 million during the quarter, compared to analyst estimates of $1.75 million. Sell-side analysts expect that CervoMed will post -1.77 EPS for the current fiscal year.

Institutional Investors Weigh In On CervoMed

A number of institutional investors have recently added to or reduced their stakes in CRVO. Geode Capital Management LLC boosted its stake in shares of CervoMed by 13.9% in the 3rd quarter. Geode Capital Management LLC now owns 114,934 shares of the company’s stock worth $1,678,000 after buying an additional 14,042 shares during the last quarter. State Street Corp boosted its position in CervoMed by 28.1% in the third quarter. State Street Corp now owns 104,456 shares of the company’s stock worth $1,525,000 after purchasing an additional 22,903 shares during the last quarter. Renaissance Technologies LLC grew its stake in CervoMed by 5.2% in the 2nd 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 increased its position in shares of CervoMed by 13.2% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 30,509 shares of the company’s stock valued at $445,000 after purchasing an additional 3,553 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of 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.