CervoMed (NASDAQ:CRVO) Cut to Hold at Brookline Capital Management

Brookline Capital Management lowered shares of CervoMed (NASDAQ:CRVO) from a strong-buy rating to a hold rating in a research report report published on Tuesday,Zacks.com reports.

Several other brokerages have also issued reports on CRVO. Canaccord Genuity Group cut their target price on shares of CervoMed from $65.00 to $12.00 and set a “buy” rating for the company in a research report on Wednesday. HC Wainwright started coverage on shares of CervoMed in a research report on Thursday, December 5th. They issued a “buy” rating and a $42.00 target price for the company. D. Boral Capital reiterated a “hold” rating on shares of CervoMed in a research report on Tuesday. Chardan Capital reiterated a “neutral” rating on shares of CervoMed in a research report on Wednesday. Finally, Roth Capital upgraded shares of CervoMed to a “strong-buy” rating in a research report on Thursday, December 5th. One analyst has rated the stock with a sell rating, three have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $42.00.

CervoMed Price Performance

CRVO stock opened at $1.93 on Tuesday. The stock has a 50-day moving average price of $11.51 and a 200-day moving average price of $14.76. CervoMed has a 1-year low of $1.83 and a 1-year high of $26.38.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings results 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). The company had revenue of $1.94 million for the quarter, compared to analyst estimates of $1.75 million. CervoMed had a negative net margin of 118.68% and a negative return on equity of 44.11%. As a group, equities research analysts forecast that CervoMed will post -1.74 earnings per share for the current year.

Institutional Trading of CervoMed

Several institutional investors and hedge funds have recently modified their holdings of the company. Citizens Financial Group Inc. RI bought a new stake in CervoMed in the 2nd quarter valued at $461,000. State Street Corp increased its holdings in CervoMed by 28.1% in the 3rd quarter. State Street Corp now owns 104,456 shares of the company’s stock valued at $1,525,000 after acquiring an additional 22,903 shares during the last quarter. Geode Capital Management LLC increased its holdings in CervoMed by 13.9% in the 3rd quarter. Geode Capital Management LLC now owns 114,934 shares of the company’s stock valued at $1,678,000 after acquiring an additional 14,042 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in CervoMed in the 2nd quarter valued at $236,000. Finally, Barclays PLC increased its holdings in CervoMed by 323.6% in the 3rd quarter. Barclays PLC now owns 7,748 shares of the company’s stock valued at $113,000 after acquiring an additional 5,919 shares during the last quarter. 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.