CervoMed (NASDAQ:CRVO) Posts Earnings Results, Misses Expectations By $0.14 EPS

CervoMed (NASDAQ:CRVO) posted its earnings results on Tuesday. The company reported ($0.55) earnings per share 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 firm had revenue of $1.94 million for the quarter, compared to analysts’ expectations of $1.75 million.

CervoMed Price Performance

Shares of CervoMed stock traded down $0.46 on Wednesday, reaching $11.37. The company had a trading volume of 117,767 shares, compared to its average volume of 56,363. The firm’s 50-day moving average price is $14.19 and its two-hundred day moving average price is $16.74. CervoMed has a 1 year low of $5.85 and a 1 year high of $26.38.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Morgan Stanley began coverage on shares of CervoMed in a report on Friday, July 26th. They set an “overweight” rating and a $35.00 target price on the stock. Canaccord Genuity Group restated a “buy” rating and set a $65.00 price objective on shares of CervoMed in a research report on Thursday, July 25th. Finally, Chardan Capital began coverage on shares of CervoMed in a report on Wednesday, September 18th. They set a “buy” rating and a $55.00 price objective for the company. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $53.60.

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.