CervoMed Inc. (NASDAQ:CRVO) Given Consensus Recommendation of “Buy” by Brokerages

CervoMed Inc. (NASDAQ:CRVO) has earned an average rating of “Buy” from the five analysts that are currently covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a buy rating. The average 1-year price target among brokerages that have covered the stock in the last year is $53.60.

A number of research analysts have recently weighed in on CRVO shares. D. Boral Capital restated a “buy” rating and set a $34.00 price objective on shares of CervoMed in a research report on Wednesday. Chardan Capital reaffirmed a “buy” rating and issued a $55.00 price objective on shares of CervoMed in a research note on Thursday, November 14th.

Hedge Funds Weigh In On CervoMed

A number of hedge funds have recently made changes to their positions in the company. FMR LLC acquired a new position in CervoMed during the third quarter worth about $56,000. Fred Alger Management LLC purchased a new stake in shares of CervoMed in the second quarter valued at approximately $60,000. Rhumbline Advisers acquired a new stake in shares of CervoMed in the second quarter valued at approximately $96,000. Barclays PLC lifted its position in CervoMed by 323.6% during the third quarter. Barclays PLC now owns 7,748 shares of the company’s stock worth $113,000 after buying an additional 5,919 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in CervoMed during the second quarter worth $236,000. Institutional investors and hedge funds own 25.15% of the company’s stock.

CervoMed Stock Up 16.9 %

Shares of CRVO stock traded up $1.35 during trading hours on Wednesday, reaching $9.33. 151,172 shares of the company traded hands, compared to its average volume of 57,924. The firm has a 50-day moving average price of $12.96 and a 200 day moving average price of $15.73. CervoMed has a 12-month low of $5.85 and a 12-month high of $26.38.

CervoMed (NASDAQ:CRVO) last issued its earnings results on Tuesday, November 12th. The company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.41) by ($0.14). CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. The firm had revenue of $1.94 million during the quarter, compared to the consensus estimate of $1.75 million. On average, equities research analysts forecast that CervoMed will post -1.73 EPS for the current year.

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.