12,028 Shares in CervoMed Inc. (NASDAQ:CRVO) Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp bought a new stake in CervoMed Inc. (NASDAQ:CRVO) in the 1st quarter, according to its most recent disclosure with the SEC. The fund bought 12,028 shares of the company’s stock, valued at approximately $110,000. Bank of New York Mellon Corp owned approximately 0.14% of CervoMed at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CRVO. JPMorgan Chase & Co. increased its position in shares of CervoMed by 251.8% during the fourth quarter. JPMorgan Chase & Co. now owns 14,464 shares of the company’s stock worth $34,000 after acquiring an additional 10,352 shares during the period. DRW Securities LLC acquired a new position in CervoMed during the 4th quarter worth $30,000. Mariner LLC purchased a new stake in CervoMed during the 4th quarter worth about $30,000. BNP Paribas Financial Markets acquired a new stake in CervoMed in the 4th quarter valued at about $32,000. Finally, Nuveen Asset Management LLC raised its position in CervoMed by 113.6% in the 4th quarter. Nuveen Asset Management LLC now owns 41,569 shares of the company’s stock valued at $97,000 after purchasing an additional 22,104 shares in the last quarter. 25.15% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Chardan Capital boosted their price objective on CervoMed from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, May 12th. D. Boral Capital reiterated a “buy” rating and issued a $10.00 price target on shares of CervoMed in a research note on Friday, July 25th. Finally, Canaccord Genuity Group increased their price objective on shares of CervoMed from $21.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, July 29th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, CervoMed presently has an average rating of “Moderate Buy” and a consensus price target of $21.50.

CervoMed Stock Down 3.6%

CRVO stock opened at $9.69 on Thursday. The business has a 50 day moving average price of $7.41 and a 200 day moving average price of $6.78. The stock has a market cap of $84.30 million, a price-to-earnings ratio of -4.44 and a beta of -0.79. CervoMed Inc. has a fifty-two week low of $1.80 and a fifty-two week high of $20.63.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings data on Monday, May 12th. The company reported ($0.56) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.04. CervoMed had a negative net margin of 200.57% and a negative return on equity of 44.07%. The company had revenue of $1.92 million for the quarter, compared to analysts’ expectations of $1.70 million. As a group, sell-side analysts anticipate that CervoMed Inc. will post -1.88 EPS for the current year.

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.