Chardan Capital Reiterates “Buy” Rating for CervoMed (NASDAQ:CRVO)

CervoMed (NASDAQ:CRVO)‘s stock had its “buy” rating reiterated by equities researchers at Chardan Capital in a report issued on Thursday,Benzinga reports. They presently have a $15.00 price target on the stock. Chardan Capital’s price target indicates a potential upside of 264.96% from the stock’s previous close.

A number of other analysts have also recently issued reports on CRVO. Zacks Research upgraded CervoMed from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. D. Boral Capital reaffirmed a “buy” rating and issued a $31.00 target price on shares of CervoMed in a research report on Wednesday. HC Wainwright reiterated a “buy” rating and set a $25.00 price target on shares of CervoMed in a research note on Thursday, December 18th. Cantor Fitzgerald began coverage on shares of CervoMed in a report on Thursday, December 18th. They issued an “overweight” rating on the stock. Finally, Brookline Capital Acquisition upgraded shares of CervoMed to a “strong-buy” rating in a research note on Tuesday, February 3rd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $22.17.

CervoMed Stock Up 2.5%

Shares of CRVO opened at $4.11 on Thursday. The stock’s 50-day moving average price is $5.83 and its 200 day moving average price is $7.50. The firm has a market capitalization of $38.02 million, a price-to-earnings ratio of -1.42 and a beta of -0.77. CervoMed has a 12-month low of $1.92 and a 12-month high of $16.94.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Rhumbline Advisers grew its position in CervoMed by 35.5% during the 1st quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock worth $53,000 after acquiring an additional 1,526 shares during the last quarter. State Street Corp raised its position in CervoMed by 11.4% in the 4th quarter. State Street Corp now owns 20,527 shares of the company’s stock valued at $162,000 after purchasing an additional 2,100 shares during the last quarter. Thompson Davis & CO. Inc. raised its position in CervoMed by 20.8% in the 3rd quarter. Thompson Davis & CO. Inc. now owns 16,850 shares of the company’s stock valued at $136,000 after purchasing an additional 2,900 shares during the last quarter. Vanguard Group Inc. boosted its stake in CervoMed by 1.0% in the third quarter. Vanguard Group Inc. now owns 343,463 shares of the company’s stock worth $2,779,000 after purchasing an additional 3,445 shares in the last quarter. Finally, Citizens Financial Group Inc. RI boosted its stake in CervoMed by 14.2% in the third quarter. Citizens Financial Group Inc. RI now owns 30,477 shares of the company’s stock worth $247,000 after purchasing an additional 3,800 shares in the last quarter. 25.15% of the stock is owned by institutional investors and hedge funds.

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.