CervoMed (NASDAQ:CRVO) Stock Rating Lowered by HC Wainwright

CervoMed (NASDAQ:CRVO) was downgraded by investment analysts at HC Wainwright from a “buy” rating to a “neutral” rating in a research note issued to investors on Tuesday, MarketBeat reports.

Several other research analysts also recently commented on CRVO. D. Boral Capital reissued a “hold” rating on shares of CervoMed in a research note on Tuesday, December 10th. Brookline Capital Management downgraded shares of CervoMed from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Canaccord Genuity Group reduced their price objective on CervoMed from $65.00 to $12.00 and set a “buy” rating on the stock in a research note on Wednesday, December 11th. Roth Mkm began coverage on CervoMed in a research note on Friday, December 6th. They issued a “buy” rating and a $45.00 target price for the company. Finally, Roth Capital raised CervoMed to a “strong-buy” rating in a research note on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $42.00.

CervoMed Price Performance

CRVO opened at $2.00 on Tuesday. The business’s fifty day simple moving average is $10.36 and its 200 day simple moving average is $14.16. CervoMed has a 52 week low of $1.80 and a 52 week high of $26.38.

CervoMed (NASDAQ:CRVO) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.14). The firm had revenue of $1.94 million during the quarter, compared to analysts’ expectations of $1.75 million. CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. As a group, analysts expect that CervoMed will post -1.77 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CRVO. Renaissance Technologies LLC increased its stake in shares of CervoMed by 5.2% during the second quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock valued at $554,000 after buying an additional 1,600 shares during the period. Fred Alger Management LLC purchased a new stake in CervoMed in the second quarter worth $60,000. Citizens Financial Group Inc. RI boosted its holdings in CervoMed by 13.2% in the third quarter. Citizens Financial Group Inc. RI now owns 30,509 shares of the company’s stock valued at $445,000 after acquiring an additional 3,553 shares in the last quarter. FMR LLC purchased a new position in CervoMed during the 3rd quarter valued at $56,000. Finally, Rhumbline Advisers bought a new position in CervoMed in the 2nd quarter worth $96,000. 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.