CervoMed downgraded to Underweight from Overweight at Morgan Stanley

Morgan Stanley double downgraded CervoMed (CRVO) to Underweight from Overweight without a price target saying multiple questions remain for neflamapimod following the “disappointing” Phase 2b results. The firm instituted a base case range of $1-$6 for the shares and sees better opportunities elsewhere in its coverage. Neflamapimod’s plasma concentrations below target represent a meaningful headwind for demonstrating proof-of-concept, the analyst tells investors in a research note.