CervoMed (NASDAQ:CRVO) Stock Rating Reaffirmed as Buy by HC Wainwright

CervoMed (NASDAQ:CRVO)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a research report issued on Monday, MarketBeat reports.

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

CervoMed Trading Down 4.2%

CRVO traded down $0.14 on Monday, hitting $3.20. 299,413 shares of the stock traded hands, compared to its average volume of 1,917,227. The business has a fifty day moving average price of $2.68 and a two-hundred day moving average price of $3.21. The firm has a market capitalization of $48.40 million, a PE ratio of -0.99 and a beta of -0.75. CervoMed has a 52 week low of $2.13 and a 52 week high of $10.00.

CervoMed (NASDAQ:CRVO) last announced its quarterly earnings data on Friday, August 7th. The company reported ($0.64) EPS for the quarter, topping analysts’ consensus estimates of ($0.86) by $0.22. On average, equities research analysts forecast 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 made changes to their positions in the company. Citizens Financial Group Inc. RI bought a new stake in shares of CervoMed in the 2nd quarter worth about $116,000. BlackRock Inc. acquired a new position in CervoMed in the second quarter valued at about $167,000. Renaissance Technologies LLC acquired a new position in CervoMed in the first quarter valued at about $252,000. Byrne Asset Management LLC grew its stake 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 buying an additional 36,550 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of CervoMed by 8,425,900.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 84,260 shares of the company’s stock worth $666,000 after buying an additional 84,259 shares in the last quarter. Institutional investors and hedge funds own 25.15% of the company’s stock.

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.