Canaccord Genuity Group Issues Positive Forecast for CervoMed (NASDAQ:CRVO) Stock Price

CervoMed (NASDAQ:CRVO - Free Report) had its price target lifted by Canaccord Genuity Group from $12.00 to $21.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts have also commented on the stock. Morgan Stanley reiterated an "underweight" rating on shares of CervoMed in a research note on Wednesday, December 11th. D. Boral Capital reiterated a "buy" rating and set a $10.00 price target on shares of CervoMed in a research note on Monday, March 17th. Jones Trading raised shares of CervoMed from a "hold" rating to a "buy" rating and set a $15.00 price objective on the stock in a research report on Thursday, March 13th. Roth Mkm raised their price objective on shares of CervoMed from $7.00 to $15.00 and gave the stock a "buy" rating in a research report on Tuesday, March 11th. Finally, Roth Capital raised shares of CervoMed to a "strong-buy" rating in a research report on Thursday, December 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, CervoMed has a consensus rating of "Moderate Buy" and a consensus price target of $27.50.

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CervoMed Trading Up 23.6 %

NASDAQ:CRVO traded up $2.73 during midday trading on Tuesday, hitting $14.29. 7,288,342 shares of the company were exchanged, compared to its average volume of 1,214,137. The company has a fifty day simple moving average of $3.30 and a 200 day simple moving average of $7.87. CervoMed has a fifty-two week low of $1.80 and a fifty-two week high of $25.92. The company has a market capitalization of $88.17 million, a PE ratio of -7.04 and a beta of 1.84.

CervoMed (NASDAQ:CRVO - Get Free Report) last announced its quarterly earnings results on Monday, March 17th. The company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.67) by ($0.13). CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. The company had revenue of $2.16 million for the quarter, compared to analyst estimates of $1.51 million. As a group, equities research analysts expect that CervoMed will post -1.88 EPS for the current year.

Institutional Trading of CervoMed

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC boosted its holdings in shares of CervoMed by 13.9% in the third quarter. Geode Capital Management LLC now owns 114,934 shares of the company's stock valued at $1,678,000 after acquiring an additional 14,042 shares in the last quarter. State Street Corp boosted its holdings in shares of CervoMed by 28.1% in the third quarter. State Street Corp now owns 104,456 shares of the company's stock valued at $1,525,000 after acquiring an additional 22,903 shares in the last quarter. Woodline Partners LP purchased a new stake in shares of CervoMed in the fourth quarter valued at about $175,000. Perigon Wealth Management LLC purchased a new stake in shares of CervoMed in the fourth quarter valued at about $147,000. Finally, Nuveen Asset Management LLC boosted its holdings in shares of CervoMed by 113.6% in the fourth quarter. Nuveen Asset Management LLC now owns 41,569 shares of the company's stock valued at $97,000 after acquiring an additional 22,104 shares in the last quarter. Hedge funds and other institutional investors own 25.15% of the company's stock.

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.