CervoMed (NASDAQ:CRVO) Cut to “Strong Sell” at Zacks Research

Zacks Research lowered shares of CervoMed (NASDAQ:CRVO) from a hold rating to a strong sell rating in a research note issued to investors on Monday,Zacks.com reports.

CRVO has been the subject of a number of other research reports. Chardan Capital reaffirmed a “buy” rating and issued a $15.00 target price on shares of CervoMed in a research report on Monday, August 11th. HC Wainwright reaffirmed a “neutral” rating and issued a $11.00 target price on shares of CervoMed in a research report on Monday, September 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of CervoMed in a research report on Wednesday, October 8th. D. Boral Capital lifted their price objective on shares of CervoMed from $15.00 to $31.00 and gave the company a “buy” rating in a research report on Monday, August 18th. Finally, Roth Capital reissued a “buy” rating and issued a $16.00 price objective (down previously from $20.00) on shares of CervoMed in a research report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, CervoMed currently has a consensus rating of “Hold” and a consensus price target of $19.29.

CervoMed Trading Down 1.5%

CervoMed stock opened at $8.10 on Monday. The company has a market cap of $74.93 million, a P/E ratio of -3.10 and a beta of -0.84. CervoMed has a 1-year low of $1.80 and a 1-year high of $16.94. The company has a fifty day simple moving average of $8.99 and a 200 day simple moving average of $8.52.

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

Institutional Trading of CervoMed

Hedge funds have recently modified their holdings of the stock. Rhumbline Advisers lifted its stake in shares of CervoMed by 35.5% during the 1st quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock worth $53,000 after buying an additional 1,526 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of CervoMed during the 2nd quarter worth about $76,000. Thompson Davis & CO. Inc. acquired a new stake in shares of CervoMed during the 2nd quarter worth about $88,000. HighTower Advisors LLC acquired a new stake in shares of CervoMed during the 1st quarter worth about $104,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of CervoMed during the 1st quarter worth about $110,000. Institutional investors and hedge funds own 25.15% of the company’s stock.

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.