Analysts Set CervoMed Inc. (NASDAQ:CRVO) Target Price at $22.60

Shares of CervoMed Inc. (NASDAQ:CRVO) have been assigned an average recommendation of “Moderate Buy” from the eight brokerages that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $22.60.

A number of equities analysts have issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of CervoMed in a research note on Friday, July 17th. Roth Capital set a $9.00 target price on CervoMed in a research report on Monday, May 18th. HC Wainwright reiterated a “buy” rating on shares of CervoMed in a report on Wednesday, July 15th. Finally, D. Boral Capital reissued a “buy” rating and issued a $31.00 price target on shares of CervoMed in a research report on Wednesday, April 22nd.

Insiders Place Their Bets

In other CervoMed news, Director Joshua S. Boger acquired 955,414 shares of CervoMed stock in a transaction on Thursday, June 11th. The stock was purchased at an average price of $3.14 per share, for a total transaction of $2,999,999.96. Following the purchase, the director directly owned 1,795,865 shares of the company’s stock, valued at $5,639,016.10. This trade represents a 113.68% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 35.80% of the company’s stock.

Hedge Funds Weigh In On CervoMed

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. boosted its holdings in CervoMed by 8,425,900.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 84,260 shares of the company’s stock valued at $666,000 after purchasing an additional 84,259 shares during the period. Jane Street Group LLC bought a new position in CervoMed during the 2nd quarter valued at approximately $414,000. Renaissance Technologies LLC purchased a new position in CervoMed during the 1st quarter valued at $252,000. Byrne Asset Management LLC raised its stake in CervoMed by 248.6% in the second quarter. Byrne Asset Management LLC now owns 51,250 shares of the company’s stock worth $159,000 after buying an additional 36,550 shares in the last quarter. Finally, Citadel Advisors LLC bought a new position in shares of CervoMed in the 3rd quarter worth approximately $247,000. Institutional investors own 25.15% of the company’s stock.

CervoMed Stock Performance

Shares of CRVO opened at $2.66 on Monday. CervoMed has a 52-week low of $2.13 and a 52-week high of $13.13. The business’s 50 day moving average price is $3.20 and its two-hundred day moving average price is $4.22. The firm has a market cap of $35.99 million, a PE ratio of -0.81 and a beta of -0.68.

CervoMed (NASDAQ:CRVO) last released its earnings results on Friday, May 15th. The company reported ($0.86) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.90) by $0.04. CervoMed had a negative net margin of 672.80% and a negative return on equity of 136.08%. Research analysts predict that CervoMed will post -2.84 EPS for the current fiscal year.

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. The company also develops EIP200 for central nervous system which is in preclinical trials. CervoMed Inc was founded in 2010 and is headquartered in Boston, Massachusetts.