CervoMed (NASDAQ:CRVO) Announces Earnings Results

CervoMed (NASDAQ:CRVO) announced its earnings results on Friday. The company reported ($0.86) earnings per share for the quarter, missing analysts’ consensus estimates 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%

NASDAQ:CRVO opened at $3.44 on Friday. The company’s 50 day moving average price is $3.99 and its 200-day moving average price is $5.93. CervoMed has a 52 week low of $3.35 and a 52 week high of $13.13. The stock has a market cap of $31.85 million, a price-to-earnings ratio of -1.15 and a beta of -0.63.

Institutional Trading of CervoMed

Hedge funds have recently made changes to their positions in the business. XTX Topco Ltd bought a new position in shares of CervoMed in the 4th quarter valued at about $81,000. State Street Corp increased its stake in 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 acquiring an additional 2,100 shares during the last quarter. Jane Street Group LLC purchased a new stake in CervoMed during the fourth quarter valued at approximately $88,000. HRT Financial LP bought a new stake in shares of CervoMed in the 4th quarter valued at approximately $113,000. Finally, Dimensional Fund Advisors LP bought a new stake in shares of CervoMed in the 4th quarter valued at approximately $110,000. 25.15% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. upgraded CervoMed to a “strong-buy” rating in a research note on Tuesday, February 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of CervoMed in a research note on Monday, April 20th. D. Boral Capital reissued a “buy” rating and issued a $31.00 target price on shares of CervoMed in a report on Wednesday, April 22nd. Chardan Capital increased their target price on CervoMed from $15.00 to $21.00 and gave the stock a “buy” rating in a research note on Wednesday, March 18th. Finally, Roth Mkm reduced their price target on CervoMed from $19.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, March 18th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, CervoMed has a consensus rating of “Moderate Buy” and a consensus target price of $23.00.

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.