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

CervoMed (NASDAQ:CRVO) had its price target dropped by stock analysts at Canaccord Genuity Group from $65.00 to $12.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 488.24% from the company’s previous close.

Several other research analysts have also issued reports on CRVO. Roth Capital upgraded shares of CervoMed to a “strong-buy” rating in a research note on Thursday, December 5th. D. Boral Capital restated a “hold” rating on shares of CervoMed in a research note on Tuesday. HC Wainwright started coverage on shares of CervoMed in a research note on Thursday, December 5th. They set a “buy” rating and a $42.00 price objective for the company. Morgan Stanley restated an “underweight” rating on shares of CervoMed in a research note on Wednesday. Finally, Chardan Capital reaffirmed a “neutral” rating on shares of CervoMed in a report on Wednesday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.00.

CervoMed Trading Down 5.6 %

CRVO traded down $0.12 during trading on Wednesday, hitting $2.04. 2,094,522 shares of the stock traded hands, compared to its average volume of 110,689. The firm has a 50-day moving average of $11.99 and a 200 day moving average of $14.97. CervoMed has a 12-month low of $1.90 and a 12-month high of $26.38.

CervoMed (NASDAQ:CRVO) last posted its earnings results on Tuesday, November 12th. The company reported ($0.55) EPS for the quarter, missing the consensus estimate 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 company had revenue of $1.94 million during the quarter, compared to analysts’ expectations of $1.75 million. On average, research analysts anticipate that CervoMed will post -1.74 EPS for the current year.

Hedge Funds Weigh In On CervoMed

Several large investors have recently added to or reduced their stakes in CRVO. Citizens Financial Group Inc. RI bought a new stake in shares of CervoMed during the second quarter valued at approximately $461,000. Renaissance Technologies LLC increased its position in CervoMed by 5.2% in the second quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock worth $554,000 after purchasing an additional 1,600 shares during the last quarter. Rhumbline Advisers bought a new stake in CervoMed in the second quarter worth $96,000. Bank of New York Mellon Corp bought a new stake in CervoMed in the second quarter worth $236,000. Finally, Fred Alger Management LLC bought a new stake in CervoMed in the second quarter worth $60,000. Hedge funds and other 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.