CervoMed (NASDAQ:CRVO) Given New $21.00 Price Target at Canaccord Genuity Group

CervoMed (NASDAQ:CRVO) had its target price boosted by equities researchers at Canaccord Genuity Group from $12.00 to $21.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 132.04% from the company’s current price.

A number of other equities research analysts have also weighed in on the stock. Chardan Capital raised shares of CervoMed from a “neutral” rating to a “buy” rating and set a $14.00 price objective on the stock in a report on Thursday, March 13th. Roth Mkm boosted their price target on CervoMed from $7.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, March 11th. D. Boral Capital reissued a “buy” rating and issued a $10.00 price objective on shares of CervoMed in a report on Monday. Roth Capital raised CervoMed to a “strong-buy” rating in a report on Thursday, December 5th. Finally, HC Wainwright downgraded shares of CervoMed from a “buy” rating to a “neutral” rating in a report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $26.88.

CervoMed Price Performance

Shares of NASDAQ CRVO opened at $9.05 on Tuesday. CervoMed has a fifty-two week low of $1.80 and a fifty-two week high of $26.38. The business has a 50-day simple moving average of $2.59 and a two-hundred day simple moving average of $7.93.

CervoMed (NASDAQ:CRVO) last released its earnings results on Monday, March 17th. The company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.13). The company had revenue of $2.16 million during the quarter, compared to analyst estimates of $1.51 million. CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. As a group, equities research analysts forecast that CervoMed will post -1.88 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Citizens Financial Group Inc. RI grew its stake in shares of CervoMed by 13.2% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 30,509 shares of the company’s stock worth $445,000 after purchasing an additional 3,553 shares during the period. FMR LLC purchased a new position in CervoMed in the 3rd quarter valued at about $56,000. State Street Corp boosted its stake in shares of CervoMed by 28.1% in the third quarter. State Street Corp now owns 104,456 shares of the company’s stock worth $1,525,000 after acquiring an additional 22,903 shares during the last quarter. Barclays PLC boosted its stake in CervoMed by 323.6% during the 3rd quarter. Barclays PLC now owns 7,748 shares of the company’s stock worth $113,000 after purchasing an additional 5,919 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in CervoMed by 13.9% during the third quarter. Geode Capital Management LLC now owns 114,934 shares of the company’s stock worth $1,678,000 after acquiring an additional 14,042 shares during the last quarter. 25.15% of the stock is owned by institutional investors and hedge funds.

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.