HC Wainwright Initiates Coverage on CervoMed (NASDAQ:CRVO)

Research analysts at HC Wainwright began coverage on shares of CervoMed (NASDAQ:CRVO) in a research report issued on Thursday,Benzinga reports. The brokerage set a “buy” rating and a $42.00 price target on the stock. HC Wainwright’s target price suggests a potential upside of 332.99% from the company’s current price.

A number of other research firms have also weighed in on CRVO. Chardan Capital reaffirmed a “buy” rating and set a $55.00 target price on shares of CervoMed in a report on Thursday, November 14th. D. Boral Capital reaffirmed a “buy” rating and set a $34.00 target price on shares of CervoMed in a report on Wednesday, November 27th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $49.14.

CervoMed Price Performance

NASDAQ CRVO opened at $9.70 on Thursday. The company’s 50 day moving average is $12.25 and its 200-day moving average is $15.18. CervoMed has a 12-month low of $5.85 and a 12-month high of $26.38.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.14). CervoMed had a negative net margin of 118.68% and a negative return on equity of 44.11%. The business had revenue of $1.94 million during the quarter, compared to the consensus estimate of $1.75 million. On average, equities analysts expect that CervoMed will post -1.73 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC increased its stake in shares of CervoMed by 5.2% in the 2nd quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock worth $554,000 after acquiring an additional 1,600 shares in the last quarter. Fred Alger Management LLC purchased a new stake in CervoMed during the 2nd quarter valued at about $60,000. Citizens Financial Group Inc. RI grew its position in CervoMed by 13.2% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 30,509 shares of the company’s stock valued at $445,000 after purchasing an additional 3,553 shares during the last quarter. FMR LLC purchased a new stake in CervoMed during the 3rd quarter valued at about $56,000. Finally, Rhumbline Advisers purchased a new stake in shares of CervoMed during the 2nd quarter valued at about $96,000. 25.15% of the stock is currently owned by institutional investors.

CervoMed Company Profile

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.