CervoMed (NASDAQ:CRVO) Price Target Raised to $20.00

CervoMed (NASDAQ:CRVO) had its target price raised by equities research analysts at Roth Mkm from $15.00 to $20.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Roth Mkm’s price target points to a potential upside of 111.24% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the company. Brookline Capital Management upgraded CervoMed from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 11th. Morgan Stanley reiterated an “underweight” rating on shares of CervoMed in a report on Wednesday, December 11th. Chardan Capital upgraded CervoMed from a “neutral” rating to a “buy” rating and set a $14.00 target price for the company in a report on Thursday, March 13th. Roth Capital upgraded CervoMed to a “strong-buy” rating in a report on Thursday, December 5th. Finally, Canaccord Genuity Group upped their target price on CervoMed from $12.00 to $21.00 and gave the stock a “buy” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, CervoMed has an average rating of “Moderate Buy” and a consensus price target of $27.50.

CervoMed Stock Performance

CervoMed stock traded up $0.42 during mid-day trading on Tuesday, hitting $9.47. The company’s stock had a trading volume of 2,425,559 shares, compared to its average volume of 4,998,719. The company has a 50 day moving average of $2.59 and a 200-day moving average of $7.93. CervoMed has a one year low of $1.80 and a one year high of $26.38.

CervoMed (NASDAQ:CRVO) last announced its quarterly earnings data on Monday, March 17th. The company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.67) by ($0.13). The business had revenue of $2.16 million during the quarter, compared to the consensus estimate of $1.51 million. CervoMed had a negative net margin of 118.68% and a negative return on equity of 44.11%. As a group, analysts expect that CervoMed will post -1.88 earnings per share for the current year.

Institutional Investors Weigh In On CervoMed

Hedge funds have recently made changes to their positions in the stock. Virtu Financial LLC purchased a new stake in CervoMed in the fourth quarter valued at about $26,000. DRW Securities LLC purchased a new stake in CervoMed in the fourth quarter valued at about $30,000. Mariner LLC purchased a new stake in CervoMed in the fourth quarter valued at about $30,000. BNP Paribas Financial Markets purchased a new stake in CervoMed in the fourth quarter valued at about $32,000. Finally, JPMorgan Chase & Co. raised its stake in 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 during the last quarter. 25.15% of the stock is currently owned by hedge funds and other institutional investors.

About CervoMed

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.