CervoMed’s (CRVO) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of CervoMed (NASDAQ:CRVO) in a research note published on Monday morning, MarketBeat reports.

Other equities research analysts have also recently issued reports about the stock. Weiss Ratings cut shares of CervoMed from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, September 3rd. Chardan Capital upgraded shares of CervoMed to a “strong-buy” rating in a report on Monday, August 3rd. Roth Capital set a $7.00 price objective on shares of CervoMed in a research report on Thursday, August 20th. Finally, Wall Street Zen raised shares of CervoMed from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 15th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.00.

CervoMed Stock Performance

CervoMed stock opened at $3.18 on Monday. CervoMed has a fifty-two week low of $2.13 and a fifty-two week high of $10.00. The company has a market capitalization of $48.08 million, a price-to-earnings ratio of -0.99 and a beta of -0.75. The stock has a fifty day moving average of $2.69 and a two-hundred day moving average of $3.20.

CervoMed (NASDAQ:CRVO) last issued its quarterly earnings data on Friday, August 7th. The company reported ($0.64) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.86) by $0.22. On average, analysts forecast that CervoMed will post -2.38 EPS for the current fiscal year.

Institutional Investors Weigh In On CervoMed

Several hedge funds have recently modified their holdings of CRVO. Byrne Asset Management LLC boosted its holdings in CervoMed by 248.6% in the second quarter. Byrne Asset Management LLC now owns 51,250 shares of the company’s stock valued at $159,000 after acquiring an additional 36,550 shares during the last quarter. Citizens Financial Group Inc. RI acquired a new stake in CervoMed during the second quarter worth about $116,000. BlackRock Inc. acquired a new stake in CervoMed during the second quarter worth about $167,000. Renaissance Technologies LLC purchased a new position in shares of CervoMed in the 1st quarter worth about $252,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of 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 worth $666,000 after purchasing an additional 84,259 shares during the period. 25.15% of the stock is owned by institutional investors and hedge funds.

CervoMed Company Profile

CervoMed Inc (NASDAQ: CRVO) is a clinical-stage biopharmaceutical company focused on developing treatments for neurodegenerative diseases. The company’s research programs are aimed at addressing conditions involving cognitive impairment and other neurological dysfunction.

CervoMed’s lead investigational product is neflamapimod, an orally administered, selective inhibitor of the p38 alpha enzyme. The company is evaluating neflamapimod as a potential treatment for dementia with Lewy bodies, a progressive neurodegenerative disorder associated with cognitive, behavioral and movement-related symptoms.