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

CervoMed (NASDAQ:CRVO) announced its quarterly earnings results on Tuesday. The company reported ($0.55) 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 firm had revenue of $1.94 million during the quarter, compared to the consensus estimate of $1.75 million.

CervoMed Stock Down 5.5 %

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CRVO shares. Morgan Stanley started coverage on CervoMed in a report on Friday, July 26th. They issued an “overweight” rating and a $35.00 target price for the company. Chardan Capital started coverage on CervoMed in a report on Wednesday, September 18th. They issued a “buy” rating and a $55.00 target price for the company. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $65.00 target price on shares of CervoMed in a report on Thursday, July 25th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average 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.