CervoMed (NASDAQ:CRVO) Issues Quarterly Earnings Results

CervoMed (NASDAQ:CRVO) announced its quarterly earnings data on Friday. The company reported ($0.64) EPS for the quarter, topping the consensus estimate of ($0.87) by $0.23, FiscalAI reports. CervoMed had a negative net margin of 672.80% and a negative return on equity of 136.08%.

CervoMed Stock Performance

CervoMed stock traded up $0.11 during mid-day trading on Friday, reaching $2.87. The company’s stock had a trading volume of 194,034 shares, compared to its average volume of 506,983. The firm’s fifty day moving average price is $3.12 and its two-hundred day moving average price is $3.88. CervoMed has a 12-month low of $2.13 and a 12-month high of $11.25. The company has a market capitalization of $38.83 million, a P/E ratio of -0.88 and a beta of -0.63.

Insider Activity

In related news, Director Joshua S. Boger purchased 955,414 shares of CervoMed stock in a transaction dated Thursday, June 11th. The stock was bought at an average cost of $3.14 per share, for a total transaction of $2,999,999.96. Following the completion of the transaction, the director owned 1,795,865 shares in the company, valued at $5,639,016.10. This trade represents a 113.68% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 35.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CervoMed

A number of large investors have recently modified their holdings of the company. 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 worth $53,000 after buying an additional 1,526 shares in the last quarter. State Street Corp grew its holdings in shares of CervoMed by 11.4% during the fourth quarter. State Street Corp now owns 20,527 shares of the company’s stock worth $162,000 after purchasing an additional 2,100 shares in the last quarter. Vanguard Group Inc. increased its position in shares of CervoMed by 1.0% in the third 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. XTX Topco Ltd purchased a new stake in CervoMed in the fourth quarter valued at approximately $81,000. Finally, Jane Street Group LLC purchased a new stake in CervoMed in the fourth quarter valued at approximately $88,000. 25.15% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CRVO. Weiss Ratings downgraded CervoMed from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, July 31st. Chardan Capital raised CervoMed to a “strong-buy” rating in a research report on Monday, August 3rd. Roth Capital set a $9.00 price target on CervoMed in a research note on Monday, May 18th. HC Wainwright reissued a “buy” rating on shares of CervoMed in a report on Wednesday, July 15th. Finally, D. Boral Capital restated a “buy” rating and issued a $31.00 price objective on shares of CervoMed in a research note on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, CervoMed presently has an average rating of “Moderate Buy” and an average price target of $21.50.

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.