CervoMed Inc. (NASDAQ:CRVO - Get Free Report) shares were down 3.1% during trading on Thursday . The stock traded as low as $13.60 and last traded at $13.65. Approximately 103,783 shares changed hands during trading, an increase of 87% from the average daily volume of 55,431 shares. The stock had previously closed at $14.08.
Analyst Ratings Changes
CRVO has been the topic of a number of recent research reports. Brookline Capital Management began coverage on CervoMed in a research note on Monday, July 8th. They set a "buy" rating and a $63.00 price objective on the stock. Morgan Stanley started coverage on CervoMed in a research report on Friday, July 26th. They issued an "overweight" rating and a $35.00 target price for the company. Canaccord Genuity Group reaffirmed a "buy" rating and set a $65.00 price objective on shares of CervoMed in a research report on Thursday, July 25th. Finally, Chardan Capital initiated coverage on CervoMed in a research report on Wednesday, September 18th. They set a "buy" rating and a $55.00 price objective for the company. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $53.60.
View Our Latest Report on CRVO
CervoMed Stock Down 6.2 %
The company has a 50-day moving average price of $14.88 and a two-hundred day moving average price of $17.44.
CervoMed (NASDAQ:CRVO - Get Free Report) last announced its quarterly earnings data on Monday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.03). The firm had revenue of $3.29 million for the quarter, compared to analyst estimates of $3.48 million. CervoMed had a negative net margin of 52.24% and a negative return on equity of 27.91%. As a group, research analysts expect that CervoMed Inc. will post -1.45 EPS for the current fiscal year.
Institutional Investors Weigh In On CervoMed
Several large investors have recently modified their holdings of the stock. RA Capital Management L.P. acquired a new stake in shares of CervoMed during the 1st quarter valued at about $20,075,000. Ikarian Capital LLC acquired a new position in shares of CervoMed during the 1st quarter worth $5,530,000. Crown Advisors Management Inc. bought a new position in shares of CervoMed during the 1st quarter valued at $2,330,000. Citizens Financial Group Inc. RI bought a new stake in CervoMed in the second quarter worth $461,000. Finally, Bank of New York Mellon Corp acquired a new position in CervoMed during the second quarter worth $236,000. 25.15% of the stock is owned by institutional investors.
About CervoMed
(
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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.
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