CervoMed upgraded to Buy from Neutral at Chardan

Chardan analyst Daniil Gataulin upgraded CervoMed (CRVO) to Buy from Neutral with a $14 price target Results from the first 16 weeks of the open label extension phase of the company’s Phase 2b RewinD-LB study are in stark contrast to the topline data announced in December that showed that neflamapimod did not meet the study’s primary or secondary endpoints, the analyst tells investors in a research note. While the firm believes the full 32-week data from the open label extension will be important for informing the path forward for the program, it finds the 16-week data compelling enough to move from the sidelines.