CervoMed (NASDAQ:CRVO) Releases Earnings Results, Misses Estimates By $0.14 EPS

CervoMed (NASDAQ:CRVO) issued its quarterly earnings results on Tuesday. The company reported ($0.55) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.14), Zacks reports. CervoMed had a negative return on equity of 57.17% and a negative net margin of 118.68%. The business had revenue of $1.94 million for the quarter, compared to analyst estimates of $1.75 million.

CervoMed Price Performance

Shares of CRVO stock traded down $0.65 during trading hours on Wednesday, hitting $11.18. 89,853 shares of the company’s stock were exchanged, compared to its average volume of 56,236. The stock’s 50-day moving average is $14.19 and its 200-day moving average is $16.74. CervoMed has a 52 week low of $5.85 and a 52 week high of $26.38.

Analyst Upgrades and Downgrades

CRVO has been the subject of a number of recent research reports. Chardan Capital initiated coverage on CervoMed in a research note on Wednesday, September 18th. They issued a “buy” rating and a $55.00 target price for the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $65.00 price target on shares of CervoMed in a research report on Thursday, July 25th. Finally, Morgan Stanley initiated coverage on CervoMed in a research report on Friday, July 26th. They issued an “overweight” rating and a $35.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, CervoMed currently has a consensus rating of “Buy” and an average price target of $53.60.

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.