CervoMed (NASDAQ:CRVO) Trading 1.2% Higher

Shares of CervoMed Inc. (NASDAQ:CRVO) shot up 1.2% on Wednesday . The stock traded as high as $16.50 and last traded at $15.71. 67,855 shares traded hands during trading, an increase of 39% from the average session volume of 48,765 shares. The stock had previously closed at $15.53.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CRVO shares. Brookline Capital Management began coverage on shares of CervoMed in a research note on Monday, July 8th. They issued a “buy” rating and a $63.00 price target on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $65.00 price objective on shares of CervoMed in a research note on Thursday, July 25th. Finally, Morgan Stanley initiated coverage on CervoMed in a research note on Friday, July 26th. They set an “overweight” rating and a $35.00 target price on the stock.

CervoMed Trading Up 3.1 %

The stock’s fifty day simple moving average is $15.44 and its 200-day simple moving average is $18.76.

CervoMed (NASDAQ:CRVO) last announced its quarterly earnings data on Monday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.03). CervoMed had a negative net margin of 52.24% and a negative return on equity of 27.91%. The company had revenue of $3.29 million during the quarter, compared to analyst estimates of $3.48 million. Equities analysts predict that CervoMed Inc. will post -1.49 earnings per share for the current year.

Hedge Funds Weigh In On CervoMed

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Crown Advisors Management Inc. purchased a new stake in shares of CervoMed during the first quarter worth approximately $2,330,000. Ikarian Capital LLC acquired a new position in CervoMed during the 1st quarter worth approximately $5,530,000. RA Capital Management L.P. purchased a new stake in shares of CervoMed in the 1st quarter valued at approximately $20,075,000. Bank of New York Mellon Corp acquired a new stake in shares of CervoMed in the 2nd quarter valued at $236,000. Finally, Rhumbline Advisers acquired a new stake in shares of CervoMed in the 2nd quarter valued at $96,000. Hedge funds and other institutional investors own 25.15% of the company’s stock.

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.