Canaccord Genuity Group Forecasts Strong Price Appreciation for CervoMed (NASDAQ:CRVO) Stock

CervoMed (NASDAQ:CRVO) had its price objective upped by Canaccord Genuity Group from $21.00 to $27.00 in a report issued on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages also recently commented on CRVO. Chardan Capital upped their price objective on shares of CervoMed from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, May 12th. D. Boral Capital reaffirmed a “buy” rating and set a $10.00 price objective on shares of CervoMed in a research note on Friday, July 25th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $21.50.

CervoMed Stock Down 2.9%

CervoMed stock opened at $8.25 on Tuesday. The company has a market capitalization of $71.78 million, a PE ratio of -3.78 and a beta of -0.75. The firm has a fifty day simple moving average of $7.35 and a two-hundred day simple moving average of $6.60. CervoMed has a twelve month low of $1.80 and a twelve month high of $20.63.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.56) earnings per share for the quarter, topping the consensus estimate of ($0.60) by $0.04. The business had revenue of $1.92 million during the quarter, compared to the consensus estimate of $1.70 million. CervoMed had a negative net margin of 200.57% and a negative return on equity of 44.07%. As a group, equities analysts expect that CervoMed will post -1.88 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CervoMed

Hedge funds and other institutional investors have recently modified their holdings of the company. Woodline Partners LP purchased a new position in shares of CervoMed during the fourth quarter valued at about $175,000. Rhumbline Advisers increased its position in shares of CervoMed by 35.5% during the first quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock valued at $53,000 after buying an additional 1,526 shares during the period. BNP Paribas Financial Markets purchased a new position in shares of CervoMed during the fourth quarter valued at about $32,000. Virtu Financial LLC purchased a new position in shares of CervoMed during the fourth quarter valued at about $26,000. Finally, Nuveen Asset Management LLC increased its position in shares of CervoMed by 113.6% during the fourth quarter. Nuveen Asset Management LLC now owns 41,569 shares of the company’s stock valued at $97,000 after buying an additional 22,104 shares during the period. 25.15% of the stock is owned by institutional investors.

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.