HighTower Advisors LLC Takes $104,000 Position in CervoMed Inc. $CRVO

HighTower Advisors LLC acquired a new stake in CervoMed Inc. (NASDAQ:CRVO) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 11,344 shares of the company’s stock, valued at approximately $104,000.

A number of other hedge funds also recently made changes to their positions in the business. Rhumbline Advisers lifted its position in shares of CervoMed by 35.5% in the first quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock valued at $53,000 after buying an additional 1,526 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of CervoMed in the first quarter valued at approximately $110,000. Mariner LLC acquired a new stake in shares of CervoMed in the fourth quarter valued at approximately $30,000. BNP Paribas Financial Markets acquired a new stake in CervoMed during the 4th quarter worth approximately $32,000. Finally, Nuveen Asset Management LLC lifted its holdings in CervoMed by 113.6% during the 4th quarter. Nuveen Asset Management LLC now owns 41,569 shares of the company’s stock worth $97,000 after purchasing an additional 22,104 shares during the last quarter. 25.15% of the stock is owned by institutional investors and hedge funds.

CervoMed Price Performance

Shares of NASDAQ CRVO opened at $10.51 on Friday. The stock has a market capitalization of $97.22 million, a PE ratio of -4.03 and a beta of -0.72. The business has a fifty day moving average price of $8.52 and a two-hundred day moving average price of $7.93. CervoMed Inc. has a fifty-two week low of $1.80 and a fifty-two week high of $20.63.

CervoMed (NASDAQ:CRVO) last announced its quarterly earnings data on Friday, August 8th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.13). The company had revenue of $1.76 million during the quarter, compared to analyst estimates of $1.45 million. CervoMed had a negative net margin of 290.72% and a negative return on equity of 59.15%. On average, equities analysts expect that CervoMed Inc. will post -1.88 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on CRVO. Chardan Capital reissued a “buy” rating and set a $15.00 price target on shares of CervoMed in a report on Monday, August 11th. D. Boral Capital lifted their price target on CervoMed from $15.00 to $31.00 and gave the stock a “buy” rating in a report on Monday, August 18th. Roth Capital reissued a “buy” rating and set a $16.00 price target (down from $20.00) on shares of CervoMed in a report on Tuesday, August 12th. Finally, Canaccord Genuity Group lifted their price target on CervoMed from $21.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.71.

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.