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

CervoMed (NASDAQ:CRVO) had its target price lifted by equities research analysts at Canaccord Genuity Group from $12.00 to $21.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 124.12% from the company’s current price.

Several other research analysts also recently issued reports on the company. Roth Mkm lifted their price target on CervoMed from $7.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, March 11th. Jones Trading raised CervoMed from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research note on Thursday, March 13th. Chardan Capital raised CervoMed from a “neutral” rating to a “buy” rating and set a $14.00 price target for the company in a research note on Thursday, March 13th. Morgan Stanley reissued an “underweight” rating on shares of CervoMed in a research note on Wednesday, December 11th. Finally, HC Wainwright downgraded shares of CervoMed from a “buy” rating to a “neutral” rating in a research note on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $27.50.

CervoMed Stock Performance

Shares of NASDAQ CRVO opened at $9.37 on Tuesday. CervoMed has a one year low of $1.80 and a one year high of $26.38. The company’s fifty day moving average is $2.87 and its two-hundred day moving average is $7.88.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings results on Monday, March 17th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.67) by ($0.13). The firm had revenue of $2.16 million for 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%. On average, equities analysts predict that CervoMed will post -1.88 earnings per share for the current fiscal year.

Institutional Trading of CervoMed

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its holdings in CervoMed by 13.9% in the 3rd quarter. Geode Capital Management LLC now owns 114,934 shares of the company’s stock valued at $1,678,000 after buying an additional 14,042 shares during the period. State Street Corp grew its holdings in CervoMed by 28.1% in the 3rd quarter. State Street Corp now owns 104,456 shares of the company’s stock valued at $1,525,000 after buying an additional 22,903 shares during the period. Woodline Partners LP purchased a new stake in CervoMed in the 4th quarter valued at about $175,000. Perigon Wealth Management LLC purchased a new stake in CervoMed in the 4th quarter valued at about $147,000. Finally, Nuveen Asset Management LLC grew its holdings in CervoMed by 113.6% in the 4th quarter. Nuveen Asset Management LLC now owns 41,569 shares of the company’s stock valued at $97,000 after buying an additional 22,104 shares during the period. Hedge funds and other institutional investors own 25.15% of the company’s stock.

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.