CervoMed Inc. (NASDAQ:CRVO) Receives $53.60 Average Target Price from Analysts

Shares of CervoMed Inc. (NASDAQ:CRVO) have been assigned an average rating of “Buy” from the six ratings firms that are covering the company, MarketBeat reports. Six equities research analysts have rated the stock with a buy recommendation. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $50.33.

CRVO has been the subject of a number of analyst reports. Chardan Capital reissued a “buy” rating and issued a $55.00 price target on shares of CervoMed in a report on Thursday, November 14th. D. Boral Capital reissued a “buy” rating and set a $34.00 price target on shares of CervoMed in a research report on Wednesday.

CervoMed Stock Up 18.0 %

Shares of NASDAQ:CRVO opened at $10.80 on Wednesday. The company has a 50 day moving average of $12.54 and a two-hundred day moving average of $15.54. CervoMed has a 52-week low of $5.85 and a 52-week high of $26.38.

CervoMed (NASDAQ:CRVO) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.55) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.14). The firm had revenue of $1.94 million during the quarter, compared to analyst estimates of $1.75 million. CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. Research analysts anticipate that CervoMed will post -1.73 EPS for the current fiscal year.

Hedge Funds Weigh In On CervoMed

Hedge funds have recently added to or reduced their stakes in the business. Fred Alger Management LLC acquired a new position in CervoMed in the second quarter valued at approximately $60,000. FMR LLC bought a new stake in shares of CervoMed in the 3rd quarter worth approximately $56,000. Rhumbline Advisers acquired a new position in CervoMed during the 2nd quarter valued at approximately $96,000. Barclays PLC grew its stake in CervoMed by 323.6% during the 3rd quarter. Barclays PLC now owns 7,748 shares of the company’s stock worth $113,000 after buying an additional 5,919 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in CervoMed in the second quarter worth $236,000. Institutional investors and hedge funds own 25.15% of the company’s stock.

CervoMed Company 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.