CervoMed (NASDAQ:CRVO) Earns Buy Rating from HC Wainwright

CervoMed (NASDAQ:CRVO)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a research note issued to investors on Monday, MarketBeat Ratings reports.

CRVO has been the subject of several other research reports. Wall Street Zen raised CervoMed from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 15th. Weiss Ratings lowered CervoMed from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, September 3rd. Roth Capital set a $7.00 target price on CervoMed in a research report on Thursday, August 20th. Finally, Chardan Capital raised CervoMed to a “strong-buy” rating in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, CervoMed currently has an average rating of “Moderate Buy” and an average target price of $21.00.

CervoMed Trading Up 0.9%

NASDAQ CRVO traded up $0.03 on Monday, hitting $3.34. The company’s stock had a trading volume of 468,430 shares, compared to its average volume of 1,925,707. CervoMed has a 52-week low of $2.13 and a 52-week high of $10.00. The company’s 50-day simple moving average is $2.66 and its 200 day simple moving average is $3.21. The firm has a market cap of $50.50 million, a P/E ratio of -1.04 and a beta of -0.75.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings data on Friday, August 7th. The company reported ($0.64) earnings per share for the quarter, topping the consensus estimate of ($0.86) by $0.22. On average, research analysts forecast that CervoMed will post -2.38 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. lifted its position in CervoMed by 8,425,900.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 84,260 shares of the company’s stock valued at $666,000 after purchasing an additional 84,259 shares in the last quarter. Renaissance Technologies LLC purchased a new position in CervoMed during the first quarter valued at $252,000. BlackRock Inc. purchased a new position in CervoMed during the second quarter valued at $167,000. Citizens Financial Group Inc. RI purchased a new position in CervoMed during the second quarter valued at $116,000. Finally, Byrne Asset Management LLC lifted its position in CervoMed by 248.6% during the second 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 in the last quarter. Institutional investors own 25.15% of the company’s stock.

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.