CervoMed (NASDAQ:CRVO) Price Target Raised to $21.00

CervoMed (NASDAQ:CRVO) had its target price hoisted by equities research analysts at Chardan Capital from $15.00 to $21.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Chardan Capital’s price target indicates a potential upside of 363.58% from the stock’s current price.

Other equities analysts also recently issued reports about the company. D. Boral Capital reiterated a “buy” rating and set a $31.00 price objective on shares of CervoMed in a research report on Monday. Zacks Research upgraded CervoMed from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Brookline Capital Acquisition raised CervoMed to a “strong-buy” rating in a research note on Tuesday, February 3rd. Cantor Fitzgerald began coverage on CervoMed in a research report on Thursday, December 18th. They set an “overweight” rating for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $25.00 price target on shares of CervoMed in a research note on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.80.

CervoMed Stock Up 5.1%

Shares of NASDAQ:CRVO opened at $4.53 on Wednesday. The company’s 50-day moving average price is $5.36 and its 200 day moving average price is $7.23. The company has a market cap of $41.94 million, a PE ratio of -1.52 and a beta of -0.77. CervoMed has a fifty-two week low of $3.58 and a fifty-two week high of $16.94.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. XTX Topco Ltd acquired a new position in shares of CervoMed during the fourth quarter valued at approximately $81,000. State Street Corp boosted its stake in CervoMed by 11.4% during 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 in the last quarter. Jane Street Group LLC bought a new position in CervoMed during the 4th quarter valued at $88,000. HRT Financial LP acquired a new position in shares of CervoMed during the 4th quarter valued at $113,000. Finally, Dimensional Fund Advisors LP acquired a new position in shares of CervoMed during the 4th quarter valued at $110,000. 25.15% of the stock is currently owned by institutional investors.

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.