CervoMed (NASDAQ:CRVO) Receives New Coverage from Analysts at Morgan Stanley

Morgan Stanley assumed coverage on shares of CervoMed (NASDAQ:CRVO) in a research note issued to investors on Friday morning, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $35.00 price target on the stock.

A number of other research analysts have also weighed in on CRVO. Brookline Capital Management started coverage on shares of CervoMed in a research note on Monday, July 8th. They issued a buy rating and a $63.00 price target on the stock. Canaccord Genuity Group reissued a buy rating and set a $65.00 price target on shares of CervoMed in a research report on Thursday, July 25th.

CervoMed Price Performance

CRVO opened at $14.41 on Friday. The firm has a 50 day simple moving average of $17.84 and a 200 day simple moving average of $17.89. CervoMed has a fifty-two week low of $4.28 and a fifty-two week high of $26.38.

CervoMed (NASDAQ:CRVO) last announced its quarterly earnings results on Tuesday, May 14th. The company reported ($0.41) 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 the consensus estimate of $2.00 million. Analysts forecast that CervoMed will post -1.44 EPS for the current year.

Hedge Funds Weigh In On CervoMed

Several large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp bought a new position in CervoMed during the 2nd quarter worth $236,000. CWM LLC bought a new stake in shares of CervoMed during the 4th quarter worth approximately $292,000. Crown Advisors Management Inc. acquired a new stake in shares of CervoMed in the 1st quarter valued at $2,330,000. Ikarian Capital LLC acquired a new stake in CervoMed in the first quarter valued at about $5,530,000. Finally, RA Capital Management L.P. bought a new position in CervoMed in the first quarter valued at about $20,075,000. 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.