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

CervoMed (NASDAQ:CRVO) had its price objective decreased by stock analysts at Canaccord Genuity Group from $65.00 to $12.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 488.24% from the stock’s current price.

CRVO has been the subject of a number of other reports. Morgan Stanley reaffirmed an “underweight” rating on shares of CervoMed in a research note on Wednesday. HC Wainwright began coverage on shares of CervoMed in a research report on Thursday, December 5th. They set a “buy” rating and a $42.00 price target for the company. Chardan Capital reissued a “neutral” rating on shares of CervoMed in a research report on Wednesday. Roth Capital raised shares of CervoMed to a “strong-buy” rating in a research report on Thursday, December 5th. Finally, D. Boral Capital reissued a “hold” rating on shares of CervoMed in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, CervoMed currently has an average rating of “Moderate Buy” and a consensus price target of $42.00.

CervoMed Stock Down 5.6 %

Shares of CRVO traded down $0.12 during trading hours on Wednesday, reaching $2.04. 2,094,522 shares of the company traded hands, compared to its average volume of 110,689. CervoMed has a 12-month low of $1.90 and a 12-month high of $26.38. The stock’s fifty day moving average price is $11.99 and its 200 day moving average price is $14.97.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.55) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.14). CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. The business had revenue of $1.94 million during the quarter, compared to analysts’ expectations of $1.75 million. Equities research analysts expect that CervoMed will post -1.74 earnings per share for the current year.

Hedge Funds Weigh In On CervoMed

Several hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC increased its holdings in CervoMed by 13.9% in the 3rd quarter. Geode Capital Management LLC now owns 114,934 shares of the company’s stock worth $1,678,000 after buying an additional 14,042 shares during the period. State Street Corp increased its holdings in CervoMed by 28.1% in the 3rd quarter. State Street Corp now owns 104,456 shares of the company’s stock worth $1,525,000 after buying an additional 22,903 shares during the period. Renaissance Technologies LLC increased its holdings in CervoMed by 5.2% in the 2nd quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock worth $554,000 after buying an additional 1,600 shares during the period. Citizens Financial Group Inc. RI increased its holdings in CervoMed by 13.2% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 30,509 shares of the company’s stock worth $445,000 after buying an additional 3,553 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in CervoMed in the 2nd quarter worth approximately $236,000. Institutional investors and hedge funds 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.