CervoMed (NASDAQ:CRVO) Earns Buy Rating from Canaccord Genuity Group

Canaccord Genuity Group restated their buy rating on shares of CervoMed (NASDAQ:CRVO) in a research report sent to investors on Thursday, Benzinga reports. The firm currently has a $65.00 target price on the stock.

Separately, Brookline Capital Management initiated coverage on shares of CervoMed in a research note on Monday, July 8th. They set a buy rating and a $63.00 target price for the company.

CervoMed Price Performance

CRVO opened at $14.03 on Thursday. The stock’s fifty day moving average is $17.95 and its 200-day moving average is $17.79. CervoMed has a one year low of $4.28 and a one year high of $26.38.

CervoMed (NASDAQ:CRVO) last released its earnings results on Tuesday, May 14th. The company reported ($0.41) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.46) by $0.05. The firm had revenue of $2.35 million for the quarter, compared to analyst estimates of $2.00 million. As a group, equities research analysts predict that CervoMed will post -1.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CervoMed

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp purchased a new stake in CervoMed during the second quarter valued at about $236,000. RA Capital Management L.P. purchased a new position in shares of CervoMed in the first quarter worth approximately $20,075,000. Ikarian Capital LLC acquired a new stake in shares of CervoMed during the first quarter valued at approximately $5,530,000. Crown Advisors Management Inc. purchased a new stake in shares of CervoMed in the 1st quarter valued at approximately $2,330,000. Finally, CWM LLC acquired a new position in CervoMed in the 4th quarter worth approximately $292,000. Institutional investors and hedge funds own 25.15% of the company’s stock.

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.