CervoMed Inc. (NASDAQ:CRVO) Receives $19.86 Consensus Target Price from Analysts

CervoMed Inc. (NASDAQ:CRVO) has earned an average rating of “Hold” from the eleven research firms that are presently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation, six have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $19.8571.

Several research analysts recently commented on CRVO shares. HC Wainwright reiterated a “neutral” rating and issued a $11.00 target price on shares of CervoMed in a report on Monday, September 8th. Canaccord Genuity Group lifted their price objective on CervoMed from $21.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, July 29th. Zacks Research downgraded CervoMed from a “hold” rating to a “strong sell” rating in a research note on Monday, October 13th. Roth Capital set a $20.00 target price on CervoMed and gave the company a “buy” rating in a report on Friday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of CervoMed in a research report on Wednesday, October 8th.

Institutional Trading of CervoMed

Hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers grew its position in CervoMed by 35.5% in the 1st quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock worth $53,000 after purchasing an additional 1,526 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of CervoMed in the second quarter valued at about $76,000. Thompson Davis & CO. Inc. acquired a new stake in CervoMed during the second quarter worth about $88,000. HighTower Advisors LLC bought a new position in CervoMed during the first quarter valued at about $104,000. Finally, Bank of New York Mellon Corp acquired a new position in CervoMed in the 1st quarter valued at approximately $110,000. 25.15% of the stock is owned by institutional investors.

CervoMed Stock Up 6.1%

Shares of CervoMed stock opened at $7.51 on Friday. CervoMed has a 12-month low of $1.80 and a 12-month high of $16.94. The stock has a 50 day moving average price of $8.86 and a two-hundred day moving average price of $8.41. The stock has a market capitalization of $69.47 million, a P/E ratio of -2.88 and a beta of -0.84.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings results on Friday, August 8th. The company reported ($0.70) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.13). The firm 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%. Sell-side analysts anticipate that CervoMed will post -1.88 earnings per share for the current year.

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.