CervoMed (NASDAQ:CRVO) Given New $11.00 Price Target at Roth Mkm

CervoMed (NASDAQ:CRVO) had its price objective dropped by equities researchers at Roth Mkm from $19.00 to $11.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Roth Mkm’s price target points to a potential upside of 156.71% from the stock’s previous close.

CRVO has been the subject of several other reports. Chardan Capital increased their price objective on CervoMed from $15.00 to $21.00 and gave the company a “buy” rating in a research note on Wednesday. Cantor Fitzgerald started coverage on shares of CervoMed in a report on Thursday, December 18th. They set an “overweight” rating for the company. D. Boral Capital reiterated a “buy” rating and issued a $31.00 target price on shares of CervoMed in a research report on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of CervoMed in a research note on Wednesday, January 21st. Finally, HC Wainwright restated a “buy” rating and set a $25.00 price target on shares of CervoMed in a research report on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.00.

CervoMed Trading Down 5.4%

NASDAQ:CRVO traded down $0.25 during trading hours on Wednesday, hitting $4.29. 48,012 shares of the stock were exchanged, compared to its average volume of 92,389. CervoMed has a 52-week low of $3.58 and a 52-week high of $16.94. The firm’s fifty day moving average price is $5.36 and its 200 day moving average price is $7.23. The company has a market cap of $39.67 million, a P/E ratio of -1.44 and a beta of -0.77.

CervoMed (NASDAQ:CRVO) last released its earnings results on Friday, March 13th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.79) by ($0.09). The firm had revenue of $0.01 million during the quarter, compared to analysts’ expectations of $0.84 million. CervoMed had a negative net margin of 672.80% and a negative return on equity of 96.04%. Equities analysts expect that CervoMed will post -1.88 EPS for the current fiscal year.

Institutional Trading of CervoMed

Hedge funds and other institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC acquired a new position in shares of CervoMed during the 1st quarter valued at about $227,000. Rhumbline Advisers increased its position in CervoMed by 35.5% during the first quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock worth $53,000 after purchasing an additional 1,526 shares during the last quarter. Marshall Wace LLP purchased a new position in CervoMed during the second quarter worth about $76,000. Jane Street Group LLC purchased a new position in CervoMed during the second quarter worth about $414,000. Finally, Perigon Wealth Management LLC boosted its holdings in CervoMed by 66.0% in the 3rd quarter. Perigon Wealth Management LLC now owns 28,731 shares of the company’s stock valued at $232,000 after purchasing an additional 11,425 shares during the last quarter. 25.15% of the stock is owned by institutional investors and hedge funds.

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. 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.