CervoMed (NASDAQ:CRVO) Downgraded by HC Wainwright to Neutral

HC Wainwright cut shares of CervoMed (NASDAQ:CRVO) from a buy rating to a neutral rating in a research report released on Tuesday morning, MarketBeat Ratings reports.

Other equities research analysts also recently issued reports about the company. Roth Mkm started coverage on CervoMed in a report on Friday, December 6th. They set a “buy” rating and a $45.00 price objective on the stock. Brookline Capital Management lowered shares of CervoMed from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Canaccord Genuity Group reduced their price objective on shares of CervoMed from $65.00 to $12.00 and set a “buy” rating on the stock in a research note on Wednesday, December 11th. Roth Capital raised shares of CervoMed to a “strong-buy” rating in a report on Thursday, December 5th. Finally, Morgan Stanley restated an “underweight” rating on shares of CervoMed in a research note on Wednesday, December 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $42.00.

CervoMed Stock Down 0.5 %

CRVO opened at $1.94 on Tuesday. CervoMed has a twelve month low of $1.80 and a twelve month high of $26.38. The company has a fifty day simple moving average of $10.58 and a 200 day simple moving average of $14.25.

CervoMed (NASDAQ:CRVO) last announced its earnings results on Tuesday, November 12th. The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $1.75 million. Equities research analysts forecast that CervoMed will post -1.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CervoMed

A number of hedge funds have recently added to or reduced their stakes in CRVO. Bank of New York Mellon Corp bought a new position in shares of CervoMed during the second quarter worth about $236,000. Rhumbline Advisers acquired a new position in CervoMed during the 2nd quarter valued at about $96,000. Citizens Financial Group Inc. RI bought a new position in CervoMed in the 2nd quarter worth about $461,000. Renaissance Technologies LLC increased its stake in shares of 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. Finally, Fred Alger Management LLC bought a new stake in shares of CervoMed during the second quarter valued at approximately $60,000. 25.15% of the stock is currently 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.