CervoMed (NASDAQ:CRVO) Announces Quarterly Earnings Results

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

CervoMed Stock Down 8.5%

Shares of CervoMed stock traded down $0.32 on Friday, hitting $3.44. 119,521 shares of the company were exchanged, compared to its average volume of 70,725. The stock has a market capitalization of $31.85 million, a price-to-earnings ratio of -1.15 and a beta of -0.63. The company has a 50-day moving average price of $4.00 and a 200 day moving average price of $5.95. CervoMed has a 1-year low of $3.35 and a 1-year high of $13.13.

Analyst Ratings Changes

Several equities analysts have issued reports on CRVO shares. Chardan Capital increased their price objective on shares of CervoMed from $15.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday, March 18th. raised shares of CervoMed to a “strong-buy” rating in a report on Tuesday, February 3rd. HC Wainwright reissued a “buy” rating and set a $25.00 target price on shares of CervoMed in a report on Thursday, April 23rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of CervoMed in a research note on Monday, April 20th. Finally, Roth Mkm decreased their price objective on CervoMed from $19.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, March 18th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, CervoMed presently has an average rating of “Moderate Buy” and a consensus target price of $23.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings 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 purchasing an additional 3,445 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of CervoMed during the 2nd quarter worth $414,000. Citadel Advisors LLC purchased a new position in shares of CervoMed during the 3rd quarter worth $247,000. AQR Capital Management LLC purchased a new position in shares of CervoMed during the 1st quarter worth $227,000. Finally, State Street Corp raised its holdings in shares of CervoMed by 11.4% during the 4th quarter. State Street Corp now owns 20,527 shares of the company’s stock worth $162,000 after acquiring an additional 2,100 shares during the period. 25.15% of the stock is currently owned by institutional investors and hedge funds.

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.