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

CervoMed (NASDAQ:CRVO) released its earnings results on Friday. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.79) by ($0.09), FiscalAI reports. CervoMed had a negative net margin of 415.27% and a negative return on equity of 76.78%. The firm had revenue of $0.01 million during the quarter, compared to the consensus estimate of $0.84 million.

CervoMed Trading Down 1.8%

NASDAQ:CRVO opened at $4.25 on Friday. The stock has a 50 day simple moving average of $5.49 and a 200 day simple moving average of $7.32. The stock has a market cap of $39.33 million, a P/E ratio of -1.43 and a beta of -0.77. CervoMed has a 1-year low of $3.58 and a 1-year high of $16.94.

Analysts Set New Price Targets

Several analysts have issued reports on CRVO shares. Zacks Research upgraded CervoMed from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of CervoMed in a research note on Wednesday, January 21st. Brookline Capital Acquisition raised CervoMed to a “strong-buy” rating in a report on Tuesday, February 3rd. D. Boral Capital restated a “buy” rating and issued a $31.00 price target on shares of CervoMed in a research note on Wednesday, March 4th. Finally, Cantor Fitzgerald started coverage on shares of CervoMed in a research report on Thursday, December 18th. They set an “overweight” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $23.60.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its position in shares of CervoMed by 35.5% in 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 period. Marshall Wace LLP bought a new position in CervoMed during the second quarter worth about $76,000. XTX Topco Ltd bought a new position in CervoMed during the fourth quarter worth about $81,000. Jane Street Group LLC acquired a new stake in CervoMed in the 4th quarter worth about $88,000. Finally, Dimensional Fund Advisors LP bought a new stake in CervoMed in the 4th quarter valued at about $110,000. Institutional investors own 25.15% of the company’s stock.

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.