Morgan Stanley Reaffirms “Underweight” Rating for CervoMed (NASDAQ:CRVO)

CervoMed (NASDAQ:CRVO)‘s stock had its “underweight” rating restated by Morgan Stanley in a report issued on Wednesday.

CRVO has been the topic of a number of other research reports. Roth Capital upgraded CervoMed to a “strong-buy” rating in a research note on Thursday, December 5th. Roth Mkm assumed coverage on CervoMed in a research note on Friday, December 6th. They set a “buy” rating and a $45.00 target price for the company. HC Wainwright began coverage on shares of CervoMed in a report on Thursday, December 5th. They issued a “buy” rating and a $42.00 price target on the stock. Chardan Capital reissued a “neutral” rating on shares of CervoMed in a report on Wednesday. Finally, D. Boral Capital restated a “hold” rating on shares of CervoMed in a research note on Tuesday. One analyst has rated the stock with a sell rating, two have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $48.63.

CervoMed Stock Down 78.9 %

Shares of CRVO stock opened at $2.16 on Wednesday. CervoMed has a one year low of $2.11 and a one year high of $26.38. The company has a 50 day moving average price of $11.99 and a 200 day moving average price of $14.97.

CervoMed (NASDAQ:CRVO) last released 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 for 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%. Equities analysts predict that CervoMed will post -1.74 earnings per share for the current year.

Institutional Investors Weigh In On CervoMed

Several institutional investors and hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC boosted its stake in CervoMed by 5.2% in the second quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock valued at $554,000 after acquiring an additional 1,600 shares during the period. Fred Alger Management LLC acquired a new stake in CervoMed in the 2nd quarter valued at approximately $60,000. Citizens Financial Group Inc. RI boosted its position in CervoMed by 13.2% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 30,509 shares of the company’s stock worth $445,000 after acquiring an additional 3,553 shares during the period. FMR LLC bought a new position in shares of CervoMed in the third quarter worth $56,000. Finally, Rhumbline Advisers acquired a new stake in CervoMed in the second quarter worth about $96,000. 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.