HighTower Advisors LLC Purchases Shares of 11,344 CervoMed Inc. $CRVO

HighTower Advisors LLC acquired a new position in shares of CervoMed Inc. (NASDAQ:CRVO) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 11,344 shares of the company’s stock, valued at approximately $104,000. HighTower Advisors LLC owned approximately 0.13% of CervoMed as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of CRVO. Mariner LLC bought a new position in shares of CervoMed during the fourth quarter worth about $30,000. BNP Paribas Financial Markets bought a new position in shares of CervoMed during the fourth quarter worth about $32,000. Rhumbline Advisers grew its holdings in shares of CervoMed by 35.5% during the first quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock worth $53,000 after buying an additional 1,526 shares in the last quarter. Nuveen Asset Management LLC grew its holdings in shares of CervoMed by 113.6% during the fourth quarter. Nuveen Asset Management LLC now owns 41,569 shares of the company’s stock worth $97,000 after buying an additional 22,104 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of CervoMed during the first quarter worth about $110,000. 25.15% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CRVO has been the subject of a number of research reports. D. Boral Capital increased their price objective on CervoMed from $15.00 to $31.00 and gave the stock a “buy” rating in a report on Monday, August 18th. Canaccord Genuity Group increased their price objective on CervoMed from $21.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, July 29th. Roth Capital reiterated a “buy” rating and set a $16.00 price objective (down from $20.00) on shares of CervoMed in a report on Tuesday, August 12th. Finally, Chardan Capital reiterated a “buy” rating and set a $15.00 price objective on shares of CervoMed in a report on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.71.

CervoMed Stock Performance

CervoMed stock opened at $10.51 on Friday. CervoMed Inc. has a 52 week low of $1.80 and a 52 week high of $20.63. The stock has a market capitalization of $97.22 million, a P/E ratio of -4.03 and a beta of -0.72. The stock has a 50-day simple moving average of $8.52 and a 200 day simple moving average of $7.93.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings data on Friday, August 8th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.13). CervoMed had a negative net margin of 290.72% and a negative return on equity of 59.15%. The business had revenue of $1.76 million during the quarter, compared to analyst estimates of $1.45 million. Research analysts forecast that CervoMed Inc. will post -1.88 earnings per share 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.