CervoMed (NASDAQ:CRVO) Stock Price Expected to Rise, Chardan Capital Analyst Says

CervoMed (NASDAQ:CRVO) had its price objective increased by equities research analysts at Chardan Capital from $14.00 to $15.00 in a report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Chardan Capital’s price target points to a potential upside of 72.41% from the company’s previous close.

Several other equities analysts also recently weighed in on the stock. Brookline Capital Management upgraded shares of CervoMed from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 11th. Roth Mkm raised their target price on shares of CervoMed from $15.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. Canaccord Genuity Group raised their target price on shares of CervoMed from $12.00 to $21.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. Jones Trading upgraded shares of CervoMed from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a report on Thursday, March 13th. Finally, D. Boral Capital restated a “buy” rating and set a $10.00 target price on shares of CervoMed in a report on Wednesday, March 26th. One research analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, CervoMed presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.63.

CervoMed Stock Down 4.4%

Shares of CRVO opened at $8.70 on Monday. The company has a 50-day simple moving average of $8.90 and a 200-day simple moving average of $6.44. The company has a market capitalization of $75.72 million, a PE ratio of -4.29 and a beta of -0.23. CervoMed has a 52-week low of $1.80 and a 52-week high of $25.67.

CervoMed (NASDAQ:CRVO) last posted its earnings results on Monday, May 12th. The company reported ($0.56) earnings per share for the quarter, beating the consensus estimate of ($0.60) by $0.04. CervoMed had a negative net margin of 118.68% and a negative return on equity of 44.11%. The firm had revenue of $1.92 million during the quarter, compared to the consensus estimate of $1.70 million. On average, research analysts anticipate that CervoMed will post -1.88 EPS for the current year.

Institutional Investors Weigh In On CervoMed

A number of hedge funds and other institutional investors have recently modified their holdings of CRVO. Woodline Partners LP purchased a new stake in shares of CervoMed during the fourth quarter worth about $175,000. Perigon Wealth Management LLC purchased a new stake in CervoMed in the fourth quarter valued at approximately $147,000. Nuveen LLC purchased a new position in CervoMed during the first quarter worth approximately $312,000. Citizens Financial Group Inc. RI acquired a new position in shares of CervoMed in the 1st quarter valued at $244,000. Finally, Avantax Advisory Services Inc. acquired a new position in shares of CervoMed in the 1st quarter valued at $238,000. 25.15% of the stock is currently owned by hedge funds and other 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.