CervoMed’s (CRVO) Buy Rating Reiterated at Chardan Capital

Chardan Capital reiterated their buy rating on shares of CervoMed (NASDAQ:CRVO) in a report released on Thursday morning,Benzinga reports. They currently have a $55.00 price objective on the stock.

Several other equities analysts also recently commented on the company. Morgan Stanley assumed coverage on CervoMed in a research report on Friday, July 26th. They issued an “overweight” rating and a $35.00 price objective on the stock. Canaccord Genuity Group reissued a “buy” rating and issued a $65.00 price objective on shares of CervoMed in a research note on Thursday, July 25th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, CervoMed presently has an average rating of “Buy” and a consensus price target of $53.60.

CervoMed Stock Performance

CervoMed stock opened at $10.77 on Thursday. CervoMed has a 12-month low of $5.85 and a 12-month high of $26.38. The firm has a 50-day moving average price of $13.92 and a 200-day moving average price of $16.56.

CervoMed (NASDAQ:CRVO) last announced its quarterly earnings data 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). The firm had revenue of $1.94 million during the quarter, compared to the consensus estimate of $1.75 million. CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. As a group, analysts predict that CervoMed will post -1.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CervoMed

Several hedge funds have recently modified their holdings of the business. Fred Alger Management LLC purchased a new position in CervoMed during the second quarter valued at approximately $60,000. FMR LLC bought a new stake in CervoMed during the 3rd quarter valued at $56,000. Rhumbline Advisers purchased a new position in shares of CervoMed in the 2nd quarter valued at $96,000. Barclays PLC raised its position in shares of CervoMed by 323.6% in the 3rd quarter. Barclays PLC now owns 7,748 shares of the company’s stock worth $113,000 after acquiring an additional 5,919 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of CervoMed during the 2nd quarter worth $236,000. 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.