JonesTrading analyst Soumit Roy maintained a Buy rating on CervoMed today and set a price target of $20.00.
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Soumit Roy has given his Buy rating due to a combination of factors including the recent positive developments in CervoMed’s clinical trials. The company announced the final analyses of their Phase 2b trial for neflamapimod, which showed improved clinical benefits in patients with dementia with Lewy bodies using a new assay version. This new version, with a lower cutoff for pTau, is expected to better identify patients with ‘pure’ DLB, potentially increasing the efficacy of the treatment.
Additionally, the management’s decision to use the updated assay version in future trials is anticipated to enhance patient selection, thereby improving trial outcomes. The company’s strategic approach to refining their patient cohort and the promising results from the extension arm of the trial, where patients showed significant improvement, further support the Buy rating. These factors collectively suggest a strong potential for CervoMed’s stock, justifying the optimistic outlook.
Roy covers the Healthcare sector, focusing on stocks such as Protara Therapeutics, CervoMed, and aTyr Pharma. According to TipRanks, Roy has an average return of -19.0% and a 24.09% success rate on recommended stocks.