Canaccord Genuity Group Issues Positive Forecast for CervoMed (NASDAQ:CRVO) Stock Price

CervoMed (NASDAQ:CRVO) had its price target boosted by Canaccord Genuity Group from $12.00 to $21.00 in a report published on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

CRVO has been the subject of several other reports. HC Wainwright downgraded CervoMed from a “buy” rating to a “neutral” rating in a research note on Tuesday, December 17th. Jones Trading upgraded CervoMed from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research note on Thursday, March 13th. D. Boral Capital reiterated a “buy” rating and issued a $10.00 price objective on shares of CervoMed in a research report on Monday. Roth Capital raised shares of CervoMed to a “strong-buy” rating in a research note on Thursday, December 5th. Finally, Morgan Stanley restated an “underweight” rating on shares of CervoMed in a research note on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $27.50.

CervoMed Trading Up 23.4 %

Shares of CRVO opened at $11.56 on Tuesday. The company’s 50 day simple moving average is $3.06 and its 200-day simple moving average is $7.90. The firm has a market cap of $71.33 million, a PE ratio of -5.69 and a beta of 1.84. CervoMed has a 12-month low of $1.80 and a 12-month high of $25.92.

CervoMed (NASDAQ:CRVO) last issued its quarterly earnings data on Monday, March 17th. The company reported ($0.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.67) by ($0.13). The business had revenue of $2.16 million for the quarter, compared to analysts’ expectations of $1.51 million. CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. As a group, equities research analysts forecast that CervoMed will post -1.88 EPS for the current fiscal year.

Hedge Funds Weigh In On CervoMed

Large investors have recently made changes to their positions in the stock. Woodline Partners LP purchased a new stake in CervoMed during the fourth quarter worth about $175,000. Nuveen Asset Management LLC increased its holdings in CervoMed by 113.6% in the fourth quarter. Nuveen Asset Management LLC now owns 41,569 shares of the company’s stock valued at $97,000 after buying an additional 22,104 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of CervoMed during the 4th quarter valued at approximately $32,000. Mariner LLC purchased a new stake in shares of CervoMed during the 4th quarter worth approximately $30,000. Finally, DRW Securities LLC acquired a new stake in shares of CervoMed in the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors 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.