CervoMed (NASDAQ:CRVO) Price Target Raised to $31.00

CervoMed (NASDAQ:CRVO) had its price target upped by D. Boral Capital from $15.00 to $31.00 in a report published on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages have also recently issued reports on CRVO. Canaccord Genuity Group increased their price objective on CervoMed from $21.00 to $27.00 and gave the company a “buy” rating in a research note on Tuesday, July 29th. Chardan Capital reiterated a “buy” rating and issued a $15.00 price objective on shares of CervoMed in a research note on Monday, August 11th. Finally, Roth Capital reiterated a “buy” rating and issued a $16.00 price objective (down from $20.00) on shares of CervoMed in a research note on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $23.71.

CervoMed Stock Up 0.9%

NASDAQ:CRVO opened at $9.23 on Monday. The stock has a market capitalization of $85.38 million, a price-to-earnings ratio of -3.54 and a beta of -0.79. CervoMed has a 52 week low of $1.80 and a 52 week high of $20.63. The stock’s fifty day moving average is $7.85 and its two-hundred day moving average is $7.31.

CervoMed (NASDAQ:CRVO) last announced its quarterly earnings data on Friday, August 8th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.13). The company had revenue of $1.76 million during the quarter, compared to analyst estimates of $1.45 million. CervoMed had a negative net margin of 290.72% and a negative return on equity of 59.15%. On average, sell-side analysts expect that CervoMed will post -1.88 EPS for the current fiscal year.

Hedge Funds Weigh In On CervoMed

Large investors have recently bought and sold shares of the business. Woodline Partners LP purchased a new position in CervoMed in the fourth quarter valued at $175,000. Rhumbline Advisers increased its holdings in CervoMed by 35.5% in the first quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock valued at $53,000 after buying an additional 1,526 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in shares of CervoMed during the fourth quarter worth about $32,000. Citizens Financial Group Inc. RI purchased a new position in shares of CervoMed during the first quarter worth about $244,000. Finally, Nuveen Asset Management LLC grew its holdings in shares of CervoMed by 113.6% during the fourth quarter. Nuveen Asset Management LLC now owns 41,569 shares of the company’s stock worth $97,000 after purchasing an additional 22,104 shares during the last quarter. Hedge funds and other institutional investors own 25.15% of the company’s stock.

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.