CervoMed (NASDAQ:CRVO) Receives “Buy” Rating from Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of CervoMed (NASDAQ:CRVO) in a report published on Thursday, Benzinga reports. The firm currently has a $65.00 price objective on the stock.

Separately, Brookline Capital Management initiated coverage on shares of CervoMed in a research note on Monday, July 8th. They set a buy rating and a $63.00 price target on the stock.

CervoMed Price Performance

CervoMed stock opened at $14.03 on Thursday. The business’s fifty day moving average is $17.95 and its two-hundred day moving average is $17.79. CervoMed has a 52 week low of $4.28 and a 52 week high of $26.38.

CervoMed (NASDAQ:CRVO) last issued its quarterly earnings results on Tuesday, May 14th. The company reported ($0.41) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.46) by $0.05. The company had revenue of $2.35 million for the quarter, compared to analyst estimates of $2.00 million. On average, equities analysts expect that CervoMed will post -1.44 earnings per share for the current fiscal year.

Institutional Trading of CervoMed

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new position in CervoMed during the 2nd quarter valued at about $236,000. CWM LLC bought a new stake in shares of CervoMed during the fourth quarter worth approximately $292,000. Crown Advisors Management Inc. acquired a new position in CervoMed in the first quarter valued at approximately $2,330,000. Ikarian Capital LLC bought a new position in CervoMed in the first quarter valued at approximately $5,530,000. Finally, RA Capital Management L.P. bought a new position in CervoMed in the first quarter valued at approximately $20,075,000. 25.15% of the stock is currently owned by institutional investors and hedge funds.

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.