Citizens Financial Group Inc. RI Purchases 3,553 Shares of CervoMed Inc. (NASDAQ:CRVO)

Citizens Financial Group Inc. RI raised its holdings in CervoMed Inc. (NASDAQ:CRVO) by 13.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,509 shares of the company’s stock after buying an additional 3,553 shares during the quarter. Citizens Financial Group Inc. RI owned 0.49% of CervoMed worth $445,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Renaissance Technologies LLC raised 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 in the last quarter. Rhumbline Advisers acquired a new position in shares of CervoMed in the 2nd quarter worth approximately $96,000. Ikarian Capital LLC bought a new position in shares of CervoMed during the 1st quarter worth approximately $5,530,000. Bank of New York Mellon Corp bought a new position in shares of CervoMed during the 2nd quarter worth approximately $236,000. Finally, Fred Alger Management LLC acquired a new stake in CervoMed in the 2nd quarter valued at $60,000. Institutional investors and hedge funds own 25.15% of the company’s stock.

Analysts Set New Price Targets

Separately, Chardan Capital reissued a “buy” rating and set a $55.00 price objective on shares of CervoMed in a report on Thursday, November 14th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $53.60.

CervoMed Stock Performance

NASDAQ CRVO opened at $9.60 on Friday. The stock’s 50 day simple moving average is $13.27 and its 200 day simple moving average is $16.01. CervoMed Inc. has a one year low of $5.85 and a one year high of $26.38.

CervoMed (NASDAQ:CRVO) last announced 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 business had revenue of $1.94 million for the quarter, compared to the consensus estimate of $1.75 million. As a group, equities research analysts forecast that CervoMed Inc. will post -1.73 EPS for the current fiscal year.

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.