CervoMed Inc. (NASDAQ:CRVO) Stock Now Rated “Moderate Buy” by Wall Street Analysts

Shares of CervoMed Inc. (NASDAQ:CRVO) have earned an average recommendation of “Moderate Buy” from the seven ratings firms that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $21.00.

A number of equities research analysts recently issued reports on the company. Roth Capital set a $7.00 target price on CervoMed in a research report on Thursday, August 20th. Weiss Ratings downgraded CervoMed from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, September 3rd. HC Wainwright reaffirmed a “buy” rating on shares of CervoMed in a research note on Monday. Chardan Capital raised shares of CervoMed to a “strong-buy” rating in a research report on Monday, August 3rd. Finally, Wall Street Zen upgraded shares of CervoMed from a “strong sell” rating to a “sell” rating in a report on Saturday, August 15th.

CervoMed Trading Down 4.8%

CRVO opened at $3.18 on Friday. The stock has a market capitalization of $48.08 million, a P/E ratio of -0.99 and a beta of -0.75. CervoMed has a 12 month low of $2.13 and a 12 month high of $10.00. The firm’s fifty day simple moving average is $2.69 and its 200 day simple moving average is $3.20.

CervoMed (NASDAQ:CRVO) last released its earnings results on Friday, August 7th. The company reported ($0.64) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.86) by $0.22. On average, equities research analysts predict that CervoMed will post -2.38 EPS for the current fiscal year.

Institutional Investors Weigh In On CervoMed

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Citizens Financial Group Inc. RI acquired a new position in shares of CervoMed during the 2nd quarter worth approximately $116,000. BlackRock Inc. acquired a new stake in CervoMed during the 2nd quarter valued at $167,000. Byrne Asset Management LLC boosted its position in CervoMed by 248.6% during the second quarter. Byrne Asset Management LLC now owns 51,250 shares of the company’s stock worth $159,000 after purchasing an additional 36,550 shares during the period. Renaissance Technologies LLC bought a new position in CervoMed during the first quarter worth $252,000. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of CervoMed by 8,425,900.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 84,260 shares of the company’s stock valued at $666,000 after purchasing an additional 84,259 shares during the last quarter. 25.15% of the stock is owned by institutional investors.

About CervoMed

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.