Rhumbline Advisers Invests $96,000 in CervoMed Inc. (NASDAQ:CRVO)

Rhumbline Advisers purchased a new stake in CervoMed Inc. (NASDAQ:CRVO) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 5,627 shares of the company’s stock, valued at approximately $96,000. Rhumbline Advisers owned approximately 0.09% of CervoMed as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in CRVO. Bank of New York Mellon Corp bought a new stake in CervoMed in the second quarter worth approximately $236,000. RA Capital Management L.P. acquired a new stake in shares of CervoMed in the 1st quarter valued at $20,075,000. Ikarian Capital LLC acquired a new stake in shares of CervoMed in the 1st quarter valued at $5,530,000. Finally, Crown Advisors Management Inc. bought a new stake in CervoMed in the first quarter worth $2,330,000. Institutional investors and hedge funds own 25.15% of the company’s stock.

Analyst Ratings Changes

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

CervoMed Trading Down 3.5 %

CRVO stock opened at $14.60 on Tuesday. CervoMed Inc. has a 1 year low of $4.61 and a 1 year high of $26.38. The stock has a 50-day moving average price of $15.30 and a two-hundred day moving average price of $18.90.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $3.29 million for the quarter, compared to analyst estimates of $3.48 million. As a group, equities research analysts forecast that CervoMed Inc. will post -1.45 earnings per share 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.