Analysts Set Expectations for CervoMed FY2024 Earnings

CervoMed Inc. (NASDAQ:CRVO) – Analysts at Brookline Capital Management dropped their FY2024 earnings per share (EPS) estimates for shares of CervoMed in a research note issued to investors on Tuesday, November 12th. Brookline Capital Management analyst T. Bussian now forecasts that the company will post earnings per share of ($1.88) for the year, down from their previous forecast 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.

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

CervoMed Price Performance

Shares of CRVO opened at $10.77 on Friday. CervoMed has a one year low of $5.85 and a one year high of $26.38. The business’s 50 day simple moving average is $13.99 and its 200-day simple moving average is $16.66.

CervoMed (NASDAQ:CRVO) last announced its quarterly 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). The firm had revenue of $1.94 million for the quarter, compared to the consensus estimate of $1.75 million. CervoMed had a negative net margin of 118.68% and a negative return on equity of 44.11%.

Hedge Funds Weigh In On CervoMed

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC raised its holdings in CervoMed by 323.6% in the third quarter. Barclays PLC now owns 7,748 shares of the company’s stock worth $113,000 after purchasing an additional 5,919 shares during the period. State Street Corp lifted its holdings in CervoMed by 28.1% during the third quarter. State Street Corp now owns 104,456 shares of the company’s stock worth $1,525,000 after acquiring an additional 22,903 shares in the last quarter. FMR LLC acquired a new position in CervoMed in the third quarter valued at about $56,000. Citizens Financial Group Inc. RI increased its holdings in shares of CervoMed by 13.2% in the third 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 in the last quarter. Finally, Fred Alger Management LLC acquired a new stake in shares of CervoMed during the second quarter worth about $60,000. Institutional investors own 25.15% of the company’s 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.