Chardan Capital Reaffirms Buy Rating for CervoMed (NASDAQ:CRVO)

CervoMed (NASDAQ:CRVO)‘s stock had its “buy” rating reaffirmed by equities researchers at Chardan Capital in a note issued to investors on Thursday,Benzinga reports. They presently have a $55.00 price target on the stock. Chardan Capital’s price target would suggest a potential upside of 403.66% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. Canaccord Genuity Group restated a “buy” rating and set a $65.00 price objective on shares of CervoMed in a research note on Thursday, July 25th. Morgan Stanley initiated coverage on CervoMed in a research note on Friday, July 26th. They set an “overweight” rating and a $35.00 price objective for the company. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $53.60.

CervoMed Stock Performance

Shares of NASDAQ:CRVO traded down $0.30 during mid-day trading on Thursday, hitting $10.92. 53,568 shares of the company traded hands, compared to its average volume of 56,474. CervoMed has a 52-week low of $5.85 and a 52-week high of $26.38. The firm’s 50 day simple moving average is $14.07 and its 200 day simple moving average is $16.70.

CervoMed (NASDAQ:CRVO) last announced its earnings results on Tuesday, November 12th. The company reported ($0.55) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.14). The company 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 57.17%. On average, sell-side analysts forecast that CervoMed will post -1.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC grew its position in shares of CervoMed by 5.2% in the 2nd quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock worth $554,000 after acquiring an additional 1,600 shares in the last quarter. Fred Alger Management LLC acquired a new position in shares of CervoMed in the 2nd quarter worth approximately $60,000. Citizens Financial Group Inc. RI grew its position in shares of CervoMed by 13.2% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 30,509 shares of the company’s stock worth $445,000 after acquiring an additional 3,553 shares in the last quarter. FMR LLC acquired a new position in shares of CervoMed in the 3rd quarter worth approximately $56,000. Finally, Rhumbline Advisers acquired a new position in shares of CervoMed in the 2nd quarter worth approximately $96,000. Institutional investors and hedge funds own 25.15% of the company’s stock.

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.