CervoMed (NASDAQ:CRVO) Announces Earnings Results

Key Points

• CervoMed reported earnings of ($0.70) per share, missing analyst expectations by ($0.13).
• The company achieved a revenue of $1.76 million for the quarter, exceeding expectations of $1.45 million.
• Despite the earnings miss, CervoMed has received a consensus rating of "Moderate Buy" from analysts, with a price target averaging $21.50.

CervoMed (NASDAQ:CRVO - Get Free Report) announced its quarterly earnings results on Friday. The company reported ($0.70) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.13), Zacks reports. CervoMed had a negative net margin of 290.72% and a negative return on equity of 59.15%. The business had revenue of $1.76 million during the quarter, compared to analyst estimates of $1.45 million.

CervoMed Trading Up 5.7%

CRVO traded up $0.55 during mid-day trading on Thursday, hitting $10.19. 135,431 shares of the stock were exchanged, compared to its average volume of 816,385. The firm's fifty day moving average is $7.69 and its two-hundred day moving average is $7.11. CervoMed has a 1-year low of $1.80 and a 1-year high of $20.63. The company has a market cap of $94.26 million, a PE ratio of -3.90 and a beta of -0.79.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CRVO. Canaccord Genuity Group upped their price target on CervoMed from $21.00 to $27.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Roth Capital set a $16.00 price target on CervoMed and gave the company a "buy" rating in a research note on Tuesday. D. Boral Capital upped their price target on CervoMed from $10.00 to $15.00 and gave the company a "buy" rating in a research note on Monday. Finally, Chardan Capital reaffirmed a "buy" rating and issued a $15.00 price target on shares of CervoMed in a research note on Monday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $21.43.

Hedge Funds Weigh In On CervoMed

Several hedge funds have recently bought and sold shares of the company. Rhumbline Advisers lifted its stake in CervoMed by 35.5% during the 1st quarter. Rhumbline Advisers now owns 5,830 shares of the company's stock worth $53,000 after acquiring an additional 1,526 shares in the last quarter. Marshall Wace LLP acquired a new position in CervoMed during the 2nd quarter worth about $76,000. AQR Capital Management LLC acquired a new position in CervoMed during the 1st quarter worth about $227,000. Finally, Jane Street Group LLC acquired a new position in CervoMed during the 2nd quarter worth about $414,000. Institutional investors and hedge funds own 25.15% of the company's stock.

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.