CervoMed (NASDAQ:CRVO) Releases Quarterly Earnings Results, Misses Expectations By $0.03 EPS

CervoMed (NASDAQ:CRVO) announced its earnings results on Monday. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.03), Zacks reports. The company had revenue of $3.29 million for the quarter, compared to analyst estimates of $3.48 million. CervoMed had a negative return on equity of 58.63% and a negative net margin of 38.30%.

CervoMed Price Performance

NASDAQ CRVO traded up $2.87 during trading hours on Tuesday, hitting $15.00. The company’s stock had a trading volume of 123,695 shares, compared to its average volume of 45,844. CervoMed has a 52 week low of $4.28 and a 52 week high of $26.38. The company’s 50-day simple moving average is $16.45 and its two-hundred day simple moving average is $18.11.

Analyst Ratings Changes

Several brokerages have commented on CRVO. Morgan Stanley began coverage on 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 reaffirmed a “buy” rating and set a $65.00 target price on shares of CervoMed in a research report on Thursday, July 25th. Finally, Brookline Capital Management started coverage on shares of CervoMed in a research report on Monday, July 8th. They issued a “buy” rating and a $63.00 price target on the stock.

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.