CervoMed (NASDAQ:CRVO) Posts Quarterly Earnings Results, Misses Expectations By $0.16 EPS

CervoMed (NASDAQ:CRVO) announced its quarterly earnings data on Friday. The company reported ($0.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.16), Zacks reports. The firm had revenue of $0.32 million during the quarter, compared to analysts’ expectations of $1.43 million. CervoMed had a negative return on equity of 59.15% and a negative net margin of 290.72%.

CervoMed Price Performance

Shares of NASDAQ:CRVO traded down $0.37 during trading on Friday, hitting $6.92. The company’s stock had a trading volume of 46,612 shares, compared to its average volume of 1,536,175. The firm has a market cap of $64.03 million, a price-to-earnings ratio of -2.65 and a beta of -0.89. The company has a 50-day moving average of $8.18 and a 200-day moving average of $8.21. CervoMed has a 12 month low of $1.80 and a 12 month high of $16.94.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of CervoMed by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 343,463 shares of the company’s stock worth $2,779,000 after acquiring an additional 3,445 shares during the last quarter. Jane Street Group LLC purchased a new position in CervoMed during the second quarter valued at $414,000. Marshall Wace LLP bought a new stake in CervoMed during the second quarter valued at about $76,000. Rhumbline Advisers increased its position in CervoMed by 35.5% in the first quarter. Rhumbline Advisers now owns 5,830 shares of the company’s stock worth $53,000 after buying an additional 1,526 shares in the last quarter. Finally, AQR Capital Management LLC purchased a new stake in CervoMed in the first quarter worth about $227,000. 25.15% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CRVO. Roth Capital set a $20.00 target price on CervoMed and gave the stock a “buy” rating in a report on Friday, October 17th. D. Boral Capital reaffirmed a “buy” rating and set a $31.00 price objective on shares of CervoMed in a research report on Tuesday. Zacks Research downgraded CervoMed from a “hold” rating to a “strong sell” rating in a report on Monday, October 13th. Canaccord Genuity Group boosted their target price on CervoMed from $21.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, July 29th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of CervoMed in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $21.86.

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.