CervoMed price target lowered to $12 from $65 at Canaccord

Canaccord lowered the firm’s price target on CervoMed (CRVO) to $12 from $65 and keeps a Buy rating on the shares. The firm said they announced the much-awaited top-line data from its Phase 2b confirmatory trial for neflamapimod for dementia with Lewy bodies (DLB) which did not hit statistical significance. The move lower on the news means the stock is now trading below cash and will allow their cash runway to extend beyond potential catalysts for the stock in terms of answers from the OLE and a Phase 2a dataset, and as a result they are maintaining their rating.