CervoMed Inc. (NASDAQ:CRVO) Receives $23.00 Consensus Price Target from Analysts

Shares of CervoMed Inc. (NASDAQ:CRVO) have earned an average recommendation of “Moderate Buy” from the eight analysts that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $23.00.

A number of research firms have issued reports on CRVO. Cantor Fitzgerald began coverage on shares of CervoMed in a report on Thursday, December 18th. They set an “overweight” rating on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of CervoMed in a report on Wednesday, January 21st. D. Boral Capital reiterated a “buy” rating and set a $31.00 target price on shares of CervoMed in a report on Wednesday, April 8th. HC Wainwright restated a “buy” rating and issued a $25.00 price objective on shares of CervoMed in a report on Thursday, December 18th. Finally, Chardan Capital raised their price objective on shares of CervoMed from $15.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday, March 18th.

CervoMed Stock Up 4.7%

CervoMed stock opened at $4.01 on Friday. The firm has a market cap of $37.13 million, a PE ratio of -1.35 and a beta of -0.67. CervoMed has a 52-week low of $3.51 and a 52-week high of $13.13. The company’s 50 day moving average is $4.35 and its two-hundred day moving average is $6.56.

CervoMed (NASDAQ:CRVO) last released its earnings results on Friday, March 13th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.79) by ($0.09). The business had revenue of $0.01 million for the quarter, compared to analyst estimates of $0.84 million. CervoMed had a negative return on equity of 96.04% and a negative net margin of 672.80%. On average, equities research analysts anticipate that CervoMed will post -1.88 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CervoMed

A number of hedge funds and other institutional investors have recently modified their holdings of the company. XTX Topco Ltd acquired a new stake in shares of CervoMed in the 4th quarter valued at $81,000. State Street Corp raised its holdings in shares of CervoMed by 11.4% in the 4th quarter. State Street Corp now owns 20,527 shares of the company’s stock valued at $162,000 after purchasing an additional 2,100 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of CervoMed in the 4th quarter valued at $88,000. HRT Financial LP purchased a new position in shares of CervoMed in the 4th quarter valued at $113,000. Finally, Dimensional Fund Advisors LP purchased a new position in shares of CervoMed in the 4th quarter valued at $110,000. 25.15% of the stock is currently owned by institutional investors and hedge funds.

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. The company also develops EIP200 for central nervous system which is in preclinical trials. CervoMed Inc was founded in 2010 and is headquartered in Boston, Massachusetts.