CervoMed (NASDAQ:CRVO) Earns Buy Rating from Analysts at Chardan Capital

Analysts at Chardan Capital began coverage on shares of CervoMed (NASDAQ:CRVO) in a research report issued on Wednesday, Briefing.com reports. The brokerage set a “buy” rating and a $55.00 price target on the stock. Chardan Capital’s price target would suggest a potential upside of 240.77% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Brookline Capital Management initiated coverage on shares of CervoMed in a report on Monday, July 8th. They issued a “buy” rating and a $63.00 target price for the company. Canaccord Genuity Group reissued a “buy” rating and set a $65.00 price objective on shares of CervoMed in a report on Thursday, July 25th. Finally, Morgan Stanley initiated coverage on shares of CervoMed in a report on Friday, July 26th. They set an “overweight” rating and a $35.00 price objective for the company. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $53.60.

CervoMed Stock Performance

Shares of NASDAQ CRVO opened at $16.14 on Wednesday. CervoMed has a twelve month low of $4.28 and a twelve month high of $26.38. The company has a 50 day moving average of $15.52 and a 200 day moving average of $18.92.

CervoMed (NASDAQ:CRVO) last announced its earnings results on Monday, August 12th. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.03). The company had revenue of $3.29 million for the quarter, compared to analysts’ expectations of $3.48 million. CervoMed had a negative net margin of 52.24% and a negative return on equity of 27.91%. On average, sell-side analysts forecast that CervoMed will post -1.49 EPS for the current fiscal year.

Institutional Trading of CervoMed

Several hedge funds have recently made changes to their positions in the business. Fred Alger Management LLC purchased a new stake in CervoMed in the 2nd quarter worth about $60,000. Rhumbline Advisers purchased a new stake in CervoMed in the 2nd quarter worth about $96,000. Bank of New York Mellon Corp purchased a new stake in CervoMed in the 2nd quarter worth about $236,000. Citizens Financial Group Inc. RI bought a new position in CervoMed in the 2nd quarter worth about $461,000. Finally, Renaissance Technologies LLC grew its stake in CervoMed by 5.2% in the 2nd quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock worth $554,000 after acquiring an additional 1,600 shares in the last quarter. 25.15% of the stock is currently owned by hedge funds and other institutional investors.

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.