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Investing.com - Canaccord Genuity raised its price target on CervoMed (NASDAQ:CRVO) stock to $27.00 from $21.00 on Tuesday, while maintaining a Buy rating on the biopharmaceutical company. The stock, currently trading at $8.67 with a market cap of $75.45 million, has seen impressive gains of over 280% in the past six months, according to InvestingPro data.
The price target increase reflects Canaccord’s decision to raise its probability of approval estimate for CervoMed’s neflamapimod drug from 20% to 33%, based on encouraging 32-week open-label extension data. This optimistic outlook aligns with broader analyst sentiment, as InvestingPro data shows three analysts have recently revised their earnings expectations upward.
Canaccord continues to model a potential launch for neflamapimod in dementia with Lewy bodies (DLB) in 2030, with peak unadjusted sales projected at $1.9 billion in 2035.
The firm also adjusted its financial projections for CervoMed, now modeling a potential $75 million capital raise in the fourth quarter of 2025, up from its previous estimate of $25 million, contingent on regulatory alignment for a Phase 3 program.
Canaccord’s updated model includes increased R&D expense estimates for 2026 to account for a potential Phase 3 trial start, while still excluding any specific contributions from markets outside the United States or from non-DLB programs such as primary progressive aphasia or stroke recovery.
In other recent news, CervoMed Inc. has announced promising results from its 32-week RewinD-LB trial for its experimental drug, neflamapimod, aimed at treating dementia with Lewy bodies (DLB). The trial data revealed a 54% reduction in the risk of clinically significant worsening in patients, with an even more pronounced 64% reduction among those with minimal Alzheimer’s disease co-pathology. These findings were presented at the Alzheimer’s Association International Congress 2025. CervoMed plans to discuss further data from the 32-week extension phase of this study in an upcoming conference call.
Chardan Capital Markets has maintained a Buy rating for CervoMed, along with a $15 price target, following the company’s first-quarter financial results for 2025. CervoMed reported having $35.2 million in cash, cash equivalents, and marketable securities, which, along with pending grant funds from the National Institute on Aging, is expected to sustain operations into mid-2026. The company also addressed previous setbacks in December 2024, where neflamapimod did not meet primary or secondary endpoints due to expired capsules, not the drug’s efficacy. These developments reflect significant progress in CervoMed’s ongoing efforts to advance treatment for DLB.
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