Analysts Issue Forecasts for CervoMed FY2024 Earnings

CervoMed Inc. (NASDAQ:CRVO) – Equities research analysts at Brookline Capital Management lowered their FY2024 earnings per share estimates for shares of CervoMed in a research note issued to investors on Tuesday, November 12th. Brookline Capital Management analyst T. Bussian now expects that the company will post earnings per share of ($1.88) for the year, down from their prior estimate of ($1.40). The consensus estimate for CervoMed’s current full-year earnings is ($1.45) per share. Brookline Capital Management also issued estimates for CervoMed’s Q4 2024 earnings at ($0.78) EPS.

CervoMed (NASDAQ:CRVO) last released its earnings results on Tuesday, November 12th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.14). CervoMed had a negative return on equity of 44.11% and a negative net margin of 118.68%. The company had revenue of $1.94 million during the quarter, compared to analyst estimates of $1.75 million.

Several other equities research analysts have also commented on the company. Chardan Capital restated a “buy” rating and set a $55.00 price target on shares of CervoMed in a research note on Thursday. Canaccord Genuity Group reaffirmed a “buy” rating and set a $65.00 price target on shares of CervoMed in a research report on Thursday, July 25th. Finally, Morgan Stanley started coverage on CervoMed in a research report on Friday, July 26th. They issued an “overweight” rating and a $35.00 price objective on the stock. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CervoMed currently has a consensus rating of “Buy” and a consensus target price of $53.60.

CervoMed Trading Down 2.7 %

Shares of CRVO opened at $10.92 on Friday. CervoMed has a fifty-two week low of $5.85 and a fifty-two week high of $26.38. The company’s fifty day moving average is $14.07 and its two-hundred day moving average is $16.70.

Institutional Investors Weigh In On CervoMed

A number of large investors have recently added to or reduced their stakes in CRVO. RA Capital Management L.P. purchased a new position in CervoMed in the 1st quarter valued at about $20,075,000. Ikarian Capital LLC bought a new stake in shares of CervoMed during the 1st quarter valued at about $5,530,000. Crown Advisors Management Inc. acquired a new stake in shares of CervoMed during the 1st quarter worth approximately $2,330,000. Renaissance Technologies LLC increased its position in CervoMed by 5.2% in the second quarter. Renaissance Technologies LLC now owns 32,333 shares of the company’s stock worth $554,000 after buying an additional 1,600 shares during the period. Finally, Citizens Financial Group Inc. RI increased its holdings in shares of CervoMed by 13.2% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 30,509 shares of the company’s stock worth $445,000 after acquiring an additional 3,553 shares during the period. 25.15% of the stock is owned by institutional investors and hedge funds.

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.