CervoMed (NASDAQ:CRVO) Releases Quarterly Earnings Results, Beats Estimates By $0.23 EPS

CervoMed (NASDAQ:CRVO) announced its quarterly earnings results on Friday. The company reported ($0.64) earnings per share for the quarter, beating 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 Price Performance

Shares of NASDAQ:CRVO opened at $2.87 on Friday. The firm has a market capitalization of $38.82 million, a PE ratio of -0.89 and a beta of -0.63. CervoMed has a 1 year low of $2.13 and a 1 year high of $11.25. The firm’s 50-day moving average is $3.12 and its two-hundred day moving average is $3.88.

Insider Activity at CervoMed

In other CervoMed news, Director Joshua S. Boger acquired 955,414 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was purchased at an average price of $3.14 per share, for a total transaction of $2,999,999.96. Following the completion of the acquisition, the director owned 1,795,865 shares of the company’s stock, valued at approximately $5,639,016.10. This trade represents a 113.68% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 35.80% of the company’s stock.

Hedge Funds Weigh In On CervoMed

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of CervoMed by 1.0% during the third 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 period. Jane Street Group LLC purchased a new position in CervoMed in the second quarter valued at $414,000. Citadel Advisors LLC purchased a new position in CervoMed in the third quarter valued at $247,000. AQR Capital Management LLC acquired a new position in CervoMed during the 1st quarter worth $227,000. Finally, State Street Corp grew its stake in 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 purchasing an additional 2,100 shares in the last quarter. Hedge funds and other institutional investors own 25.15% of the company’s stock.

Analysts Set New Price Targets

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