CervoMed’s (CRVO) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of CervoMed (NASDAQ:CRVO) in a research note released on Monday morning, Marketbeat reports.

Several other brokerages also recently issued reports on CRVO. Weiss Ratings downgraded shares of CervoMed from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, September 3rd. Wall Street Zen upgraded shares of CervoMed from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 15th. Chardan Capital upgraded shares of CervoMed to a “strong-buy” rating in a research report on Monday, August 3rd. Finally, Roth Capital set a $7.00 price objective on shares of CervoMed in a research note on Thursday, August 20th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, CervoMed has a consensus rating of “Moderate Buy” and an average target price of $21.00.

CervoMed Stock Up 9.6%

NASDAQ:CRVO opened at $3.31 on Monday. The business’s 50 day moving average is $2.66 and its two-hundred day moving average is $3.21. CervoMed has a 52 week low of $2.13 and a 52 week high of $10.00. The company has a market cap of $50.05 million, a PE ratio of -1.03 and a beta of -0.75.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings data on Friday, August 7th. The company reported ($0.64) EPS for the quarter, topping analysts’ consensus estimates of ($0.86) by $0.22. As a group, sell-side analysts expect that CervoMed will post -2.38 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Citizens Financial Group Inc. RI acquired a new position in CervoMed in the 2nd quarter worth approximately $116,000. Byrne Asset Management LLC raised its stake in CervoMed by 248.6% during the 2nd quarter. Byrne Asset Management LLC now owns 51,250 shares of the company’s stock valued at $159,000 after purchasing an additional 36,550 shares during the period. BlackRock Inc. purchased a new stake in shares of CervoMed in the second quarter valued at $167,000. Renaissance Technologies LLC purchased a new stake in shares of CervoMed in the first quarter valued at $252,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of CervoMed by 8,425,900.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 84,260 shares of the company’s stock worth $666,000 after buying an additional 84,259 shares during the period. 25.15% of the stock is currently owned by institutional investors and hedge funds.

CervoMed Company Profile

CervoMed Inc (NASDAQ: CRVO) is a clinical-stage biopharmaceutical company focused on developing treatments for neurodegenerative diseases. The company’s research is centered on therapies that address cognitive and functional impairment associated with disorders of the central nervous system.

CervoMed’s lead product candidate is neflamapimod, an orally administered, small-molecule inhibitor of p38 alpha mitogen-activated protein kinase. The company is evaluating neflamapimod as a potential treatment for dementia with Lewy bodies, a progressive neurodegenerative disorder characterized by cognitive decline, fluctuations in attention, visual hallucinations and movement-related symptoms.