Geode Capital Management LLC Grows Stake in CervoMed Inc. (NASDAQ:CRVO)

Geode Capital Management LLC boosted its stake in CervoMed Inc. (NASDAQ:CRVO) by 13.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 114,934 shares of the company’s stock after buying an additional 14,042 shares during the quarter. Geode Capital Management LLC’s holdings in CervoMed were worth $1,678,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Renaissance Technologies LLC raised its holdings in shares of CervoMed by 5.2% during the second quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock valued at $554,000 after acquiring an additional 1,600 shares during the last quarter. Fred Alger Management LLC purchased a new stake in shares of CervoMed during the second quarter worth approximately $60,000. Citizens Financial Group Inc. RI increased its position in shares of CervoMed by 13.2% during the third 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 in the last quarter. FMR LLC acquired a new position in CervoMed in the 3rd quarter valued at $56,000. Finally, Rhumbline Advisers purchased a new position in CervoMed in the 2nd quarter valued at $96,000. 25.15% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CRVO shares. Roth Capital raised shares of CervoMed to a “strong-buy” rating in a report on Thursday, December 5th. HC Wainwright cut shares of CervoMed from a “buy” rating to a “neutral” rating in a research note on Tuesday, December 17th. Chardan Capital reissued a “neutral” rating on shares of CervoMed in a research note on Wednesday, December 11th. Canaccord Genuity Group lowered their target price on CervoMed from $65.00 to $12.00 and set a “buy” rating on the stock in a report on Wednesday, December 11th. Finally, Morgan Stanley reaffirmed an “underweight” rating on shares of CervoMed in a report on Wednesday, December 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $42.00.

CervoMed Stock Performance

Shares of NASDAQ CRVO opened at $2.18 on Thursday. The company has a 50 day simple moving average of $7.03 and a 200-day simple moving average of $12.35. CervoMed Inc. has a 1 year low of $1.80 and a 1 year high of $26.38.

CervoMed (NASDAQ:CRVO) last posted its earnings results 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). CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. The business had revenue of $1.94 million for the quarter, compared to analyst estimates of $1.75 million. On average, analysts anticipate that CervoMed Inc. will post -1.77 EPS for the current fiscal year.

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.