CervoMed Inc. (NASDAQ:CRVO) Stock Has Average Price Target of $21.00 According to Brokerages

Shares of CervoMed Inc. (NASDAQ:CRVO) have earned a consensus rating of “Moderate Buy” from the seven ratings firms that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $21.00.

Several research firms have recently issued reports on CRVO. Weiss Ratings lowered CervoMed from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, September 3rd. Chardan Capital upgraded shares of CervoMed to a “strong-buy” rating in a research note on Monday, August 3rd. Roth Capital set a $7.00 price objective on shares of CervoMed in a research report on Thursday, August 20th. HC Wainwright restated a “buy” rating on shares of CervoMed in a research note on Monday, October 5th. Finally, Wall Street Zen raised shares of CervoMed from a “strong sell” rating to a “sell” rating in a report on Saturday, August 15th.

CervoMed Trading Down 0.9%

Shares of NASDAQ:CRVO opened at $2.22 on Wednesday. The stock has a fifty day simple moving average of $2.60 and a two-hundred day simple moving average of $3.63. CervoMed has a 12-month low of $2.13 and a 12-month high of $10.00. The stock has a market capitalization of $33.56 million, a price-to-earnings ratio of -0.69 and a beta of -0.75.

CervoMed (NASDAQ:CRVO) last released its earnings results 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, equities research analysts predict that CervoMed will post -2.38 EPS for the current year.

Hedge Funds Weigh In On CervoMed

Hedge funds have recently added to or reduced their stakes in the company. NFSG Corp raised its holdings in CervoMed by 283.3% in the 3rd quarter. NFSG Corp now owns 11,500 shares of the company’s stock worth $34,000 after acquiring an additional 8,500 shares during the last quarter. Citizens Financial Group Inc. RI bought a new position in CervoMed in the 2nd quarter valued at approximately $116,000. BlackRock Inc. purchased a new stake in CervoMed during the 2nd quarter valued at $167,000. Byrne Asset Management LLC boosted 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 last quarter. Finally, Renaissance Technologies LLC purchased a new stake in CervoMed during the 1st quarter valued at $252,000. 25.15% of the stock is currently owned by hedge funds and other institutional investors.

About CervoMed

CervoMed Inc is a clinical-stage biopharmaceutical company focused on developing treatments for neurodegenerative diseases. The company’s lead investigational product is neflamapimod, an orally administered, brain-penetrant small-molecule inhibitor of p38 alpha, an enzyme believed to play a role in neuroinflammation and cognitive decline.

CervoMed is primarily evaluating neflamapimod as a potential treatment for dementia with Lewy bodies, a progressive neurological disorder associated with cognitive impairment, fluctuations in attention, visual hallucinations and movement symptoms.