CervoMed (NASDAQ:CRVO) Receives New Coverage from Analysts at Morgan Stanley

Morgan Stanley began coverage on shares of CervoMed (NASDAQ:CRVO) in a research note published on Friday, Marketbeat.com reports. The firm issued an overweight rating and a $35.00 price target on the stock.

Other equities analysts have also recently issued reports about the company. Brookline Capital Management initiated coverage on CervoMed in a research report on Monday, July 8th. They set a buy rating and a $63.00 target price for the company. Canaccord Genuity Group reiterated a buy rating and issued a $65.00 price objective on shares of CervoMed in a report on Thursday.

CervoMed Trading Down 2.4 %

NASDAQ:CRVO opened at $14.03 on Friday. CervoMed has a 52-week low of $4.28 and a 52-week high of $26.38. The business’s fifty day moving average is $17.95 and its 200 day moving average is $17.74.

CervoMed (NASDAQ:CRVO) last released its quarterly earnings data on Tuesday, May 14th. The company reported ($0.41) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.05. The company had revenue of $2.35 million for the quarter, compared to the consensus estimate of $2.00 million. Research analysts forecast that CervoMed will post -1.44 earnings per share for the current year.

Institutional Investors Weigh In On CervoMed

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. RA Capital Management L.P. bought a new position in CervoMed during the 1st quarter valued at approximately $20,075,000. Ikarian Capital LLC bought a new position in CervoMed during the 1st quarter valued at approximately $5,530,000. Crown Advisors Management Inc. bought a new position in CervoMed during the 1st quarter valued at approximately $2,330,000. CWM LLC bought a new position in CervoMed during the 4th quarter valued at approximately $292,000. Finally, Bank of New York Mellon Corp bought a new position in CervoMed during the 2nd quarter valued at approximately $236,000. Institutional investors own 25.15% of the company’s stock.

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.