CervoMed Inc. (NASDAQ:CRVO) Given Average Recommendation of “Buy” by Brokerages

CervoMed Inc. (NASDAQ:CRVO) has received an average recommendation of “Buy” from the six research firms that are covering the company, MarketBeat reports. Six investment analysts have rated the stock with a buy recommendation. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $50.33.

A number of research firms recently commented on CRVO. D. Boral Capital reaffirmed a “buy” rating and issued a $34.00 price objective on shares of CervoMed in a research note on Wednesday, November 27th. Chardan Capital reaffirmed a “buy” rating and issued a $55.00 target price on shares of CervoMed in a research report on Thursday, November 14th.

CervoMed Stock Performance

Shares of NASDAQ CRVO opened at $10.38 on Wednesday. CervoMed has a 52-week low of $5.85 and a 52-week high of $26.38. The stock’s fifty day simple moving average is $12.34 and its 200 day simple moving average is $15.22.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.14). The company had revenue of $1.94 million for the quarter, compared to analyst estimates of $1.75 million. CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. Analysts predict that CervoMed will post -1.73 EPS for the current year.

Hedge Funds Weigh In On CervoMed

Several institutional investors and hedge funds have recently modified their holdings of CRVO. Ikarian Capital LLC acquired a new stake in CervoMed in the first quarter valued at approximately $5,530,000. RA Capital Management L.P. acquired a new stake in CervoMed during the first quarter worth about $20,075,000. Bank of New York Mellon Corp acquired a new stake in shares of CervoMed during the 2nd quarter worth approximately $236,000. Rhumbline Advisers acquired a new stake in CervoMed during the second quarter worth $96,000. Finally, Citizens Financial Group Inc. RI acquired a new position in shares of CervoMed in the 2nd quarter valued at $461,000. 25.15% of the stock is currently owned by hedge funds and other institutional investors.

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.