CervoMed (NASDAQ:CRVO) Receives New Coverage from Analysts at Morgan Stanley

Morgan Stanley began coverage on shares of CervoMed (NASDAQ:CRVO) in a research note issued to investors on Friday, MarketBeat reports. The brokerage issued an overweight rating and a $35.00 price target on the stock.

A number of other equities research analysts have also recently weighed in on the company. Brookline Capital Management initiated coverage on CervoMed in a research note on Monday, July 8th. They issued a buy rating and a $63.00 price objective for the company. Canaccord Genuity Group reiterated a buy rating and issued a $65.00 target price on shares of CervoMed in a report on Thursday.

CervoMed Price Performance

CRVO stock opened at $14.03 on Friday. The business has a fifty day moving average of $17.95 and a two-hundred day moving average of $17.85. CervoMed has a 52-week low of $4.28 and a 52-week high of $26.38.

CervoMed (NASDAQ:CRVO) last posted its 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 business had revenue of $2.35 million for the quarter, compared to analyst estimates of $2.00 million. Sell-side analysts forecast that CervoMed will post -1.44 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. RA Capital Management L.P. purchased a new position in CervoMed in the first quarter valued at $20,075,000. Ikarian Capital LLC purchased a new stake in CervoMed during the 1st quarter worth about $5,530,000. Crown Advisors Management Inc. purchased a new stake in CervoMed during the 1st quarter worth about $2,330,000. CWM LLC purchased a new stake in CervoMed during the 4th quarter worth about $292,000. Finally, Bank of New York Mellon Corp purchased a new stake in CervoMed during the 2nd quarter worth about $236,000. 25.15% of the stock is currently owned by hedge funds and other 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.