CervoMed (NASDAQ:CRVO) Issues Quarterly Earnings Results

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

CervoMed Stock Up 4.0%

CRVO stock traded up $0.11 during midday trading on Friday, hitting $2.87. The company’s stock had a trading volume of 194,034 shares, compared to its average volume of 506,983. The firm has a market capitalization of $38.83 million, a price-to-earnings ratio of -0.88 and a beta of -0.63. CervoMed has a 12 month low of $2.13 and a 12 month high of $11.25. The company has a 50 day moving average of $3.12 and a two-hundred day moving average of $3.88.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CRVO shares. HC Wainwright reaffirmed a “buy” rating on shares of CervoMed in a report on Wednesday, July 15th. D. Boral Capital restated a “buy” rating and issued a $31.00 price target on shares of CervoMed in a research report on Wednesday, April 22nd. Roth Capital set a $9.00 price objective on CervoMed in a research note on Monday, May 18th. Chardan Capital raised CervoMed to a “strong-buy” rating in a research report on Monday. Finally, Weiss Ratings downgraded CervoMed from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $21.50.

Insider Activity at CervoMed

In related news, Director Joshua S. Boger bought 955,414 shares of the stock in a transaction dated Thursday, June 11th. The shares were purchased at an average price of $3.14 per share, with a total value of $2,999,999.96. Following the completion of the acquisition, the director owned 1,795,865 shares of the company’s stock, valued at $5,639,016.10. This represents a 113.68% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 35.80% of the company’s stock.

Institutional Trading of CervoMed

Institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp boosted its holdings in shares of CervoMed by 11.4% during the 4th quarter. State Street Corp now owns 20,527 shares of the company’s stock valued at $162,000 after purchasing an additional 2,100 shares during the last quarter. Citadel Advisors LLC bought a new position in CervoMed during the third quarter valued at approximately $247,000. Two Sigma Investments LP purchased a new position in CervoMed during the 3rd quarter valued at approximately $138,000. Vanguard Group Inc. grew its holdings in CervoMed by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 343,463 shares of the company’s stock valued at $2,779,000 after buying an additional 3,445 shares in the last quarter. Finally, Jane Street Group LLC bought a new stake in CervoMed in the 2nd quarter worth approximately $414,000. 25.15% of the stock is currently owned by institutional investors.

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.