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

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

Several other analysts also recently weighed in on the company. Canaccord Genuity Group reiterated a “buy” rating and set a $65.00 price target on shares of CervoMed in a research note on Thursday, July 25th. Morgan Stanley began coverage on shares of CervoMed in a report on Friday, July 26th. They issued an “overweight” rating and a $35.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $53.60.

CervoMed Stock Performance

CRVO opened at $10.77 on Thursday. The firm’s 50-day moving average price is $13.92 and its 200-day moving average price is $16.56. CervoMed has a 52-week low of $5.85 and a 52-week high of $26.38.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.14). The company had revenue of $1.94 million during the quarter, compared to analysts’ expectations of $1.75 million. CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. On average, analysts expect that CervoMed will post -1.45 EPS for the current year.

Institutional Trading of CervoMed

Hedge funds have recently modified their holdings of the stock. RA Capital Management L.P. purchased a new position in CervoMed during the first quarter valued at approximately $20,075,000. Ikarian Capital LLC purchased a new position in shares of CervoMed during the 1st quarter valued at approximately $5,530,000. Crown Advisors Management Inc. acquired a new position in shares of CervoMed in the 1st quarter valued at $2,330,000. Citizens Financial Group Inc. RI purchased a new stake in CervoMed during the second quarter worth $461,000. Finally, State Street Corp grew its position in CervoMed by 28.1% during the third 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. 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.