Bank of New York Mellon Corp Makes New Investment in CervoMed Inc. (NASDAQ:CRVO)

Bank of New York Mellon Corp acquired a new position in CervoMed Inc. (NASDAQ:CRVO) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 13,784 shares of the company’s stock, valued at approximately $236,000. Bank of New York Mellon Corp owned 0.22% of CervoMed at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Crown Advisors Management Inc. purchased a new stake in shares of CervoMed in the first quarter worth about $2,330,000. Ikarian Capital LLC bought a new position in CervoMed in the 1st quarter valued at $5,530,000. Finally, RA Capital Management L.P. purchased a new position in CervoMed in the 1st quarter worth about $20,075,000. 25.15% of the stock is currently owned by institutional investors.

CervoMed Stock Up 5.8 %

CRVO opened at $15.31 on Friday. CervoMed Inc. has a 52 week low of $4.45 and a 52 week high of $26.38. The business’s fifty day simple moving average is $15.36 and its 200 day simple moving average is $18.94.

CervoMed (NASDAQ:CRVO) last announced its quarterly 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). CervoMed had a negative net margin of 52.24% and a negative return on equity of 27.91%. The business had revenue of $3.29 million for the quarter, compared to analyst estimates of $3.48 million. On average, equities analysts expect that CervoMed Inc. will post -1.45 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Brookline Capital Management assumed coverage on shares of CervoMed in a research report on Monday, July 8th. They issued a “buy” rating and a $63.00 price objective on the stock. 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 on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and set a $65.00 target price on shares of CervoMed in a research note on Thursday, July 25th. Finally, Chardan Capital started coverage on CervoMed in a research report on Wednesday, September 18th. They set a “buy” rating and a $55.00 price objective on the stock. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $53.60.

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.