CervoMed (NASDAQ:CRVO) Given New $27.00 Price Target at Canaccord Genuity Group

CervoMed (NASDAQ:CRVO) had its price objective hoisted by Canaccord Genuity Group from $21.00 to $27.00 in a report released on Tuesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other research analysts also recently commented on CRVO. Chardan Capital boosted their price objective on shares of CervoMed from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, May 12th. D. Boral Capital reiterated a “buy” rating and issued a $10.00 target price on shares of CervoMed in a research note on Friday, July 25th. One equities 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $21.50.

CervoMed Price Performance

CervoMed stock opened at $8.42 on Tuesday. The firm has a 50 day simple moving average of $7.35 and a 200-day simple moving average of $6.54. The stock has a market capitalization of $73.25 million, a PE ratio of -3.86 and a beta of -0.75. CervoMed has a 12-month low of $1.80 and a 12-month high of $20.63.

CervoMed (NASDAQ:CRVO) last released its earnings results on Monday, May 12th. The company reported ($0.56) earnings per share for the quarter, topping the consensus estimate of ($0.60) by $0.04. The business had revenue of $1.92 million for the quarter, compared to the consensus estimate of $1.70 million. CervoMed had a negative net margin of 200.57% and a negative return on equity of 44.07%. On average, analysts forecast that CervoMed will post -1.88 earnings per share for the current fiscal year.

Institutional Trading of CervoMed

A number of hedge funds have recently modified their holdings of CRVO. Virtu Financial LLC bought a new position in shares of CervoMed in the fourth quarter valued at $26,000. DRW Securities LLC bought a new position in shares of CervoMed in the fourth quarter valued at $30,000. Mariner LLC bought a new position in shares of CervoMed in the fourth quarter valued at $30,000. BNP Paribas Financial Markets bought a new position in shares of CervoMed in the fourth quarter valued at $32,000. Finally, JPMorgan Chase & Co. grew its stake in shares of CervoMed by 251.8% in the fourth quarter. JPMorgan Chase & Co. now owns 14,464 shares of the company’s stock valued at $34,000 after buying an additional 10,352 shares in the last quarter. 25.15% of the stock is currently owned by institutional investors and hedge funds.

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.