Armistice Capital LLC Cuts Holdings in CervoMed Inc. (NASDAQ:CRVO)

Armistice Capital LLC trimmed its holdings in shares of CervoMed Inc. (NASDAQ:CRVO) by 12.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 640,000 shares of the company’s stock after selling 94,363 shares during the period. Armistice Capital LLC owned approximately 10.37% of CervoMed worth $10,957,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. RA Capital Management L.P. purchased a new stake in CervoMed during the 1st quarter valued at $20,075,000. Ikarian Capital LLC purchased a new stake in CervoMed during the 1st quarter valued at $5,530,000. Crown Advisors Management Inc. purchased a new stake in CervoMed during the 1st quarter valued at $2,330,000. Renaissance Technologies LLC boosted its stake in CervoMed by 5.2% during the 2nd quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock valued at $554,000 after purchasing an additional 1,600 shares during the last quarter. Finally, Citizens Financial Group Inc. RI purchased a new stake in CervoMed during the 2nd quarter valued at $461,000. 25.15% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on CRVO. Brookline Capital Management began coverage on CervoMed in a research note on Monday, July 8th. They set a “buy” rating and a $63.00 target price on the stock. Morgan Stanley began coverage on CervoMed in a report on Friday, July 26th. They set an “overweight” rating and a $35.00 price target on the stock. Chardan Capital began coverage on CervoMed in a report on Wednesday, September 18th. They set a “buy” rating and a $55.00 price target on the stock. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $65.00 price target on shares of CervoMed in a report on Thursday, July 25th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, CervoMed has an average rating of “Buy” and an average target price of $53.60.

CervoMed Price Performance

NASDAQ CRVO opened at $14.47 on Thursday. CervoMed Inc. has a 1-year low of $4.45 and a 1-year high of $26.38. The business’s fifty day moving average price is $15.44 and its 200-day moving average price is $18.97.

CervoMed (NASDAQ:CRVO) last announced its earnings results on Monday, August 12th. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.03). CervoMed had a negative return on equity of 27.91% and a negative net margin of 52.24%. The company had revenue of $3.29 million during the quarter, compared to the consensus estimate of $3.48 million. Research analysts anticipate that CervoMed Inc. will post -1.45 EPS for the current fiscal year.

CervoMed 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.