CervoMed FY2024 EPS Lowered by Brookline Capital Management

CervoMed Inc. (NASDAQ:CRVO - Free Report) - Brookline Capital Management reduced their FY2024 earnings estimates for CervoMed in a research report issued to clients and investors on Tuesday, November 12th. Brookline Capital Management analyst T. Bussian now expects that the company will earn ($1.88) per share 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.

Several other research analysts have also recently issued reports on CRVO. Morgan Stanley initiated coverage on shares of CervoMed in a report on Friday, July 26th. They issued an "overweight" rating and a $35.00 price objective for the company. Canaccord Genuity Group restated a "buy" rating and set a $65.00 target price on shares of CervoMed in a report on Thursday, July 25th. Finally, Chardan Capital restated a "buy" rating and set a $55.00 target price on shares of CervoMed in a report on Thursday. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $53.60.

CervoMed Price Performance

Shares of NASDAQ:CRVO traded down $0.15 during trading hours on Friday, hitting $10.77. The stock had a trading volume of 67,460 shares, compared to its average volume of 56,523. The stock's fifty day simple moving average is $13.99 and its 200 day simple moving average is $16.66. CervoMed has a 1-year low of $5.85 and a 1-year high of $26.38.

CervoMed (NASDAQ:CRVO - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.55) earnings per share 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 business had revenue of $1.94 million for the quarter, compared to analyst estimates of $1.75 million.

Institutional Investors Weigh In On CervoMed

Several hedge funds have recently made changes to their positions in the company. RA Capital Management L.P. purchased a new stake in shares of CervoMed in the 1st quarter valued at approximately $20,075,000. Ikarian Capital LLC purchased a new stake in CervoMed in the 1st quarter worth approximately $5,530,000. State Street Corp lifted its position in CervoMed by 28.1% in the 3rd quarter. State Street Corp now owns 104,456 shares of the company's stock worth $1,525,000 after buying an additional 22,903 shares in the last quarter. Crown Advisors Management Inc. purchased a new stake in CervoMed in the 1st quarter worth approximately $2,330,000. Finally, Renaissance Technologies LLC lifted its position in CervoMed by 5.2% in the 2nd quarter. Renaissance Technologies LLC now owns 32,333 shares of the company's stock worth $554,000 after buying an additional 1,600 shares in the last quarter. Hedge funds and other institutional investors own 25.15% of the company's stock.

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.