CervoMed Inc. (NASDAQ:CRVO) Stock Holdings Lessened by Perigon Wealth Management LLC

Perigon Wealth Management LLC cut its stake in shares of CervoMed Inc. (NASDAQ:CRVO) by 71.0% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 18,206 shares of the company’s stock after selling 44,523 shares during the period. Perigon Wealth Management LLC’s holdings in CervoMed were worth $167,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Woodline Partners LP acquired a new stake in shares of CervoMed during the 4th quarter valued at $175,000. BNP Paribas Financial Markets purchased a new stake in shares of CervoMed during the fourth quarter worth $32,000. Virtu Financial LLC acquired a new stake in CervoMed during the fourth quarter valued at $26,000. Rhumbline Advisers boosted its position in CervoMed by 35.5% during the first quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock valued at $53,000 after purchasing an additional 1,526 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its stake in 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 purchasing an additional 22,104 shares in the last quarter. 25.15% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on CRVO shares. Chardan Capital raised their price target on CervoMed from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. D. Boral Capital reaffirmed a “buy” rating and set a $10.00 price objective on shares of CervoMed in a research report on Wednesday, June 11th. Roth Mkm boosted their target price on shares of CervoMed from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, March 18th. Brookline Capital Management upgraded shares of CervoMed from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 11th. Finally, Canaccord Genuity Group raised their price target on shares of CervoMed from $12.00 to $21.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $27.63.

CervoMed Stock Performance

CRVO opened at $5.93 on Wednesday. The firm has a market cap of $51.59 million, a P/E ratio of -2.72 and a beta of -0.75. The business has a 50 day moving average price of $8.06 and a 200 day moving average price of $5.84. CervoMed Inc. has a twelve month low of $1.80 and a twelve month high of $20.63.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings results on Monday, May 12th. The company reported ($0.56) EPS for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.04. The company had revenue of $1.92 million for the quarter, compared to analyst estimates of $1.70 million. CervoMed had a negative net margin of 200.57% and a negative return on equity of 44.07%. As a group, analysts anticipate that CervoMed Inc. will post -1.88 earnings per share for the current fiscal year.

CervoMed 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.