CervoMed (NASDAQ:CRVO) Price Target Raised to $15.00

CervoMed (NASDAQ:CRVO) had its target price increased by Chardan Capital from $14.00 to $15.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

CRVO has been the subject of a number of other reports. Canaccord Genuity Group raised their price target on CervoMed from $12.00 to $21.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. Jones Trading raised CervoMed from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research note on Thursday, March 13th. Roth Mkm raised their price target on CervoMed from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. D. Boral Capital reaffirmed a “buy” rating and set a $10.00 price target on shares of CervoMed in a research note on Wednesday, March 26th. Finally, Brookline Capital Management raised CervoMed from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $27.63.

CervoMed Trading Down 4.4%

Shares of CervoMed stock opened at $8.32 on Monday. The stock has a 50-day moving average price of $9.02 and a 200 day moving average price of $6.46. The company has a market cap of $72.41 million, a P/E ratio of -4.10 and a beta of -0.23. CervoMed has a 1 year low of $1.80 and a 1 year high of $25.67.

CervoMed (NASDAQ:CRVO) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.56) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.60) by $0.04. CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. The firm had revenue of $1.92 million during the quarter, compared to the consensus estimate of $1.70 million. On average, equities analysts forecast that CervoMed will post -1.88 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. increased its holdings in shares of CervoMed by 8,159.4% during the 1st quarter. Russell Investments Group Ltd. now owns 18,914 shares of the company’s stock valued at $173,000 after acquiring an additional 18,685 shares during the last quarter. HighTower Advisors LLC acquired a new position in shares of CervoMed during the 1st quarter valued at about $104,000. Nuveen LLC acquired a new position in shares of CervoMed during the 1st quarter valued at about $312,000. Citizens Financial Group Inc. RI acquired a new position in shares of CervoMed during the 1st quarter valued at about $244,000. Finally, Avantax Advisory Services Inc. acquired a new stake in CervoMed in the 1st quarter valued at approximately $238,000. Institutional investors and hedge funds 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.