CervoMed Inc. (NASDAQ:CRVO) Given Average Recommendation of “Hold” by Brokerages

Shares of CervoMed Inc. (NASDAQ:CRVO) have received a consensus recommendation of “Hold” from the nine analysts that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $42.00.

CRVO has been the subject of a number of research reports. Brookline Capital Management cut CervoMed from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Roth Mkm initiated coverage on shares of CervoMed in a research note on Friday, December 6th. They set a “buy” rating and a $45.00 price target on the stock. Chardan Capital reissued a “neutral” rating on shares of CervoMed in a research note on Wednesday, December 11th. Roth Capital raised shares of CervoMed to a “strong-buy” rating in a research note on Thursday, December 5th. Finally, Morgan Stanley reiterated an “underweight” rating on shares of CervoMed in a research note on Wednesday, December 11th.

CervoMed Stock Performance

Shares of CRVO opened at $2.40 on Friday. The company’s 50-day moving average price is $8.76 and its 200 day moving average price is $13.32. CervoMed has a 12-month low of $1.80 and a 12-month high of $26.38.

CervoMed (NASDAQ:CRVO) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.55) EPS 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 company had revenue of $1.94 million during the quarter, compared to analyst estimates of $1.75 million. On average, analysts forecast that CervoMed will post -1.77 earnings per share for the current fiscal year.

Institutional Trading of CervoMed

A number of institutional investors have recently bought and sold shares of the business. Citizens Financial Group Inc. RI purchased a new position in shares of CervoMed in the 2nd quarter valued at about $461,000. Renaissance Technologies LLC raised its holdings in CervoMed by 5.2% during the second quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock worth $554,000 after purchasing an additional 1,600 shares in the last quarter. Rhumbline Advisers acquired a new stake in CervoMed during the second quarter worth approximately $96,000. Bank of New York Mellon Corp acquired a new position in shares of CervoMed in the 2nd quarter valued at $236,000. Finally, Fred Alger Management LLC purchased a new position in shares of CervoMed in the 2nd quarter valued at $60,000. 25.15% of the stock is 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.