CervoMed (NASDAQ:CRVO) Releases Earnings Results, Misses Expectations By $0.07 EPS

CervoMed (NASDAQ:CRVO) announced its quarterly earnings results on Friday. The company reported ($0.86) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.79) by ($0.07), FiscalAI reports. CervoMed had a negative return on equity of 96.04% and a negative net margin of 672.80%.

CervoMed Price Performance

NASDAQ CRVO traded down $0.32 on Friday, reaching $3.44. 119,391 shares of the company’s stock traded hands, compared to its average volume of 70,721. CervoMed has a 12 month low of $3.35 and a 12 month high of $13.13. The stock has a 50-day simple moving average of $4.00 and a 200 day simple moving average of $5.95. The stock has a market cap of $31.85 million, a PE ratio of -1.15 and a beta of -0.63.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Rhumbline Advisers grew its position in CervoMed by 35.5% during the first quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock valued at $53,000 after acquiring an additional 1,526 shares during the last quarter. Marshall Wace LLP bought a new position in shares of CervoMed in the second quarter worth approximately $76,000. XTX Topco Ltd bought a new position in shares of CervoMed in the fourth quarter worth approximately $81,000. Jane Street Group LLC bought a new position in shares of CervoMed in the fourth quarter worth approximately $88,000. Finally, Dimensional Fund Advisors LP bought a new position in shares of CervoMed in the fourth quarter worth approximately $110,000. 25.15% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. HC Wainwright reissued a “buy” rating and issued a $25.00 price target on shares of CervoMed in a report on Thursday, April 23rd. D. Boral Capital reaffirmed a “buy” rating and issued a $31.00 target price on shares of CervoMed in a research note on Wednesday, April 22nd. Chardan Capital raised their target price on shares of CervoMed from $15.00 to $21.00 and gave the company a “buy” rating in a research note on Wednesday, March 18th. raised shares of CervoMed to a “strong-buy” rating in a research note on Tuesday, February 3rd. Finally, Roth Mkm lowered their target price on shares of CervoMed from $19.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, March 18th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, CervoMed presently has a consensus rating of “Moderate Buy” and an average target price of $23.00.

About CervoMed

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.