Ikarian Capital LLC Makes New $5.53 Million Investment in CervoMed Inc. (NASDAQ:CRVO)

Ikarian Capital LLC purchased a new position in shares of CervoMed Inc. (NASDAQ:CRVO) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 237,345 shares of the company’s stock, valued at approximately $5,530,000. Ikarian Capital LLC owned 3.85% of CervoMed as of its most recent filing with the Securities and Exchange Commission.

Separately, CWM LLC acquired a new position in CervoMed during the 4th quarter worth $292,000. 25.15% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on CRVO shares. Brookline Capital Management started coverage on CervoMed in a research report on Monday, July 8th. They set a “buy” rating and a $63.00 price target for the company. Morgan Stanley initiated coverage on CervoMed in a research note on Friday, July 26th. They issued an “overweight” rating and a $35.00 price objective on the stock. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $65.00 price objective on shares of CervoMed in a research note on Thursday, July 25th.

CervoMed Stock Down 4.9 %

Shares of CervoMed stock traded down $0.64 on Thursday, reaching $12.36. 38,564 shares of the company were exchanged, compared to its average volume of 40,030. The stock has a fifty day moving average price of $17.48 and a 200-day moving average price of $17.85. CervoMed Inc. has a fifty-two week low of $4.28 and a fifty-two week high of $26.38.

CervoMed (NASDAQ:CRVO) last announced its earnings results on Tuesday, May 14th. The company reported ($0.41) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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. Equities analysts anticipate that CervoMed Inc. will post -1.47 earnings per share for the current year.

CervoMed 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.