CervoMed (NASDAQ:CRVO) Upgraded to “Strong-Buy” at Roth Capital

Roth Capital upgraded shares of CervoMed (NASDAQ:CRVO) to a strong-buy rating in a report published on Thursday morning,Zacks.com reports.

Several other research analysts have also commented on the stock. D. Boral Capital restated a “buy” rating and issued a $34.00 price objective on shares of CervoMed in a report on Wednesday, November 27th. Chardan Capital reaffirmed a “buy” rating and issued a $55.00 target price on shares of CervoMed in a report on Thursday, November 14th. HC Wainwright started coverage on shares of CervoMed in a report on Thursday. They issued a “buy” rating and a $42.00 target price for the company. Finally, Roth Mkm started coverage on shares of CervoMed in a report on Friday. They issued a “buy” rating and a $45.00 target price for the company. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $48.63.

CervoMed Stock Up 22.5 %

Shares of CervoMed stock opened at $11.91 on Thursday. CervoMed has a 52-week low of $5.85 and a 52-week high of $26.38. The company has a fifty day moving average of $12.07 and a 200-day moving average of $15.09.

CervoMed (NASDAQ:CRVO) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $1.75 million. Analysts predict that CervoMed will post -1.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CervoMed

Institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its stake in CervoMed by 13.9% during the 3rd quarter. Geode Capital Management LLC now owns 114,934 shares of the company’s stock worth $1,678,000 after purchasing an additional 14,042 shares during the last quarter. State Street Corp boosted its stake in CervoMed by 28.1% during the 3rd quarter. State Street Corp now owns 104,456 shares of the company’s stock worth $1,525,000 after purchasing an additional 22,903 shares during the last quarter. Renaissance Technologies LLC boosted its stake in CervoMed by 5.2% during the 2nd quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock worth $554,000 after purchasing an additional 1,600 shares during the last quarter. Citizens Financial Group Inc. RI boosted its stake in CervoMed by 13.2% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 30,509 shares of the company’s stock worth $445,000 after purchasing an additional 3,553 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in CervoMed during the 2nd quarter worth $236,000. Institutional investors and hedge funds own 25.15% of the company’s stock.

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.