CervoMed (NASDAQ:CRVO) Posts Earnings Results, Beats Expectations By $0.23 EPS

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

CervoMed Stock Up 4.0%

Shares of NASDAQ:CRVO traded up $0.11 during midday trading on Friday, hitting $2.87. The stock had a trading volume of 194,034 shares, compared to its average volume of 506,983. The company’s 50-day moving average price is $3.12 and its 200-day moving average price is $3.88. The company has a market capitalization of $38.83 million, a P/E ratio of -0.88 and a beta of -0.63. CervoMed has a fifty-two week low of $2.13 and a fifty-two week high of $11.25.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Roth Capital set a $9.00 target price on shares of CervoMed in a research report on Monday, May 18th. D. Boral Capital reiterated a “buy” rating and issued a $31.00 price target on shares of CervoMed in a research note on Wednesday, April 22nd. Weiss Ratings downgraded CervoMed from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, July 31st. HC Wainwright reissued a “buy” rating on shares of CervoMed in a research report on Wednesday, July 15th. Finally, Chardan Capital upgraded CervoMed to a “strong-buy” rating in a research note on Monday. 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 stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $21.50.

Insider Activity

In other news, Director Joshua S. Boger acquired 955,414 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The shares were acquired at an average cost of $3.14 per share, with a total value of $2,999,999.96. Following the completion of the purchase, the director directly owned 1,795,865 shares of the company’s stock, valued at $5,639,016.10. The trade was a 113.68% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 35.80% of the company’s stock.

Institutional Investors Weigh In On CervoMed

A number of large investors have recently modified their holdings of the business. Rhumbline Advisers boosted its stake in 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 buying an additional 1,526 shares in the last quarter. State Street Corp grew its position in CervoMed by 11.4% in the fourth quarter. State Street Corp now owns 20,527 shares of the company’s stock valued at $162,000 after acquiring an additional 2,100 shares during the last quarter. Vanguard Group Inc. raised its stake in 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 in the last quarter. XTX Topco Ltd acquired a new position in CervoMed during the fourth quarter worth about $81,000. Finally, Jane Street Group LLC bought a new position in shares of CervoMed in the fourth quarter worth about $88,000. Institutional investors and hedge funds 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.