CervoMed (NASDAQ:CRVO) Releases Quarterly Earnings Results

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

CervoMed Price Performance

Shares of CRVO traded down $0.46 during midday trading on Wednesday, reaching $11.37. 117,767 shares of the stock were exchanged, compared to its average volume of 56,363. CervoMed has a 52 week low of $5.85 and a 52 week high of $26.38. The company’s 50 day moving average is $14.19 and its two-hundred day moving average is $16.74.

Wall Street Analysts Forecast Growth

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