CervoMed price target lowered to $16 from $20 at Roth Capital

Roth Capital analyst Boobalan Pachaiyappan lowered the firm’s price target on CervoMed (CRVO) to $16 from $20 and keeps a Buy rating on the shares after its Q2 results. Following positive Week 32 Phase 2b OLE data, CervoMed is slated to meet with the FDA in Q4 to discuss the results generated to date and obtain guidance on its Phase 3 study preparations, the analyst tells investors in a research note. Roth has also updated its model that assumes $78M in equity financing, the firm added.