CervoMed Inc. (NASDAQ:CRVO) Receives Average Recommendation of “Hold” from Analysts

Shares of CervoMed Inc. (NASDAQ:CRVO) have been assigned an average recommendation of “Hold” from the nine ratings firms that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $42.00.

A number of research analysts recently issued reports on CRVO shares. Brookline Capital Management downgraded CervoMed from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Canaccord Genuity Group cut their price target on shares of CervoMed from $65.00 to $12.00 and set a “buy” rating for the company in a research note on Wednesday, December 11th. D. Boral Capital reiterated a “hold” rating on shares of CervoMed in a report on Tuesday, December 10th. HC Wainwright cut shares of CervoMed from a “buy” rating to a “neutral” rating in a research report on Tuesday, December 17th. Finally, Chardan Capital reiterated a “neutral” rating on shares of CervoMed in a research report on Wednesday, December 11th.

Institutional Investors Weigh In On CervoMed

A number of large investors have recently modified their holdings of CRVO. Barclays PLC lifted its stake in shares of CervoMed by 323.6% in the 3rd quarter. Barclays PLC now owns 7,748 shares of the company’s stock valued at $113,000 after acquiring an additional 5,919 shares during the last quarter. Geode Capital Management LLC boosted its position in CervoMed by 13.9% during the third quarter. Geode Capital Management LLC now owns 114,934 shares of the company’s stock valued at $1,678,000 after acquiring an additional 14,042 shares during the last quarter. State Street Corp grew its stake in CervoMed by 28.1% during the third quarter. State Street Corp now owns 104,456 shares of the company’s stock worth $1,525,000 after purchasing an additional 22,903 shares during the period. FMR LLC acquired a new stake in shares of CervoMed during the 3rd quarter worth approximately $56,000. Finally, Citizens Financial Group Inc. RI increased its stake in CervoMed by 13.2% in the third quarter. Citizens Financial Group Inc. RI now owns 30,509 shares of the company’s stock valued at $445,000 after purchasing an additional 3,553 shares in the last quarter. Institutional investors and hedge funds own 25.15% of the company’s stock.

CervoMed Trading Up 8.1 %

CervoMed stock opened at $2.40 on Friday. The company has a 50 day moving average of $9.23 and a 200-day moving average of $13.56. CervoMed has a twelve month low of $1.80 and a twelve month high of $26.38.

CervoMed (NASDAQ:CRVO) last announced its earnings results on Tuesday, November 12th. The company reported ($0.55) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $1.94 million during the quarter, compared to analyst estimates of $1.75 million. As a group, analysts anticipate that CervoMed will post -1.77 EPS for the current fiscal year.

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.