CervoMed (NASDAQ:CRVO) Announces Earnings Results, Misses Expectations By $0.09 EPS

CervoMed (NASDAQ:CRVO) announced its earnings results on Friday. The company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.79) by ($0.09), FiscalAI reports. The company had revenue of $0.01 million for the quarter, compared to analyst estimates of $0.84 million. CervoMed had a negative net margin of 415.27% and a negative return on equity of 76.78%.

CervoMed Price Performance

CRVO traded down $0.08 during trading on Friday, hitting $4.25. The company’s stock had a trading volume of 52,760 shares, compared to its average volume of 93,274. CervoMed has a twelve month low of $3.58 and a twelve month high of $16.94. The stock has a market cap of $39.31 million, a PE ratio of -1.47 and a beta of -0.77. The firm’s 50 day moving average price is $5.56 and its 200-day moving average price is $7.37.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on CRVO shares. HC Wainwright reissued a “buy” rating and issued a $25.00 price target on shares of CervoMed in a report on Thursday, December 18th. D. Boral Capital reaffirmed a “buy” rating and set a $31.00 price objective on shares of CervoMed in a research note on Wednesday, March 4th. Zacks Research upgraded CervoMed from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Brookline Capital Acquisition raised shares of CervoMed to a “strong-buy” rating in a research note on Tuesday, February 3rd. Finally, Cantor Fitzgerald initiated coverage on shares of CervoMed in a report on Thursday, December 18th. They issued an “overweight” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.60.

Institutional Investors Weigh In On CervoMed

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of CervoMed by 1.0% in the 3rd quarter. Vanguard Group Inc. now owns 343,463 shares of the company’s stock valued at $2,779,000 after purchasing an additional 3,445 shares in the last quarter. Jane Street Group LLC purchased a new position in CervoMed in the second quarter valued at approximately $414,000. Citadel Advisors LLC purchased a new position in CervoMed in the third quarter valued at approximately $247,000. AQR Capital Management LLC acquired a new position in CervoMed during the first quarter valued at approximately $227,000. Finally, State Street Corp lifted its position in CervoMed by 11.4% during the fourth quarter. State Street Corp now owns 20,527 shares of the company’s stock valued at $162,000 after buying an additional 2,100 shares in the last quarter. Hedge funds and other institutional investors own 25.15% of the company’s stock.

CervoMed Company Profile

CervoMed Inc, a biotechnology company, engages in the development and commercialization of treatments for age-related neurologic disorders. Its lead drug candidate is neflamapimod, an orally administered small molecule brain penetrant for the treatment of dementia with Lewy bodies (DLB), Alzheimer's diseases, frontotemporal dementia, and ischemic stroke recovery. The company also develops EIP200 for central nervous system which is in preclinical trials. CervoMed Inc was founded in 2010 and is headquartered in Boston, Massachusetts.