CervoMed (NASDAQ:CRVO) Earns Buy Rating from Analysts at Chardan Capital

Chardan Capital assumed coverage on shares of CervoMed (NASDAQ:CRVO) in a report issued on Wednesday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $55.00 price objective on the stock.

CRVO has been the subject of a number of other research reports. Brookline Capital Management started coverage on CervoMed in a research report on Monday, July 8th. They set a buy rating and a $63.00 price target for the company. Morgan Stanley began coverage on CervoMed in a report on Friday, July 26th. They set an overweight rating and a $35.00 target price for the company. Finally, Canaccord Genuity Group reiterated a buy rating and issued a $65.00 target price on shares of CervoMed in a research report on Thursday, July 25th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of Buy and a consensus price target of $53.60.

CervoMed Stock Down 3.6 %

Shares of CervoMed stock opened at $16.84 on Wednesday. The company has a 50 day moving average price of $15.58 and a 200 day moving average price of $18.92. CervoMed has a 52 week low of $4.28 and a 52 week high of $26.38.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings results on Monday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.03). The company had revenue of $3.29 million during the quarter, compared to analysts’ expectations of $3.48 million. CervoMed had a negative return on equity of 27.91% and a negative net margin of 52.24%. On average, equities analysts predict that CervoMed will post -1.49 EPS for the current year.

Institutional Investors Weigh In On CervoMed

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRVO. Citizens Financial Group Inc. RI purchased a new stake in shares of CervoMed in the second quarter worth about $461,000. Ikarian Capital LLC purchased a new position in CervoMed during the first quarter valued at approximately $5,530,000. Renaissance Technologies LLC lifted its holdings 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 acquiring an additional 1,600 shares during the period. Rhumbline Advisers purchased a new stake in CervoMed in the 2nd quarter worth approximately $96,000. Finally, Fred Alger Management LLC acquired a new stake in shares of CervoMed during the 2nd quarter worth approximately $60,000. 25.15% of the stock is owned by institutional investors and hedge funds.

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.