Analysts Issue Forecasts for CervoMed FY2024 Earnings

CervoMed Inc. (NASDAQ:CRVO) – Analysts at Brookline Capital Management dropped their FY2024 EPS estimates for CervoMed in a research report issued on Tuesday, November 12th. Brookline Capital Management analyst T. Bussian now expects that the company will post earnings of ($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.

CRVO has been the subject of several other research reports. Chardan Capital reiterated a “buy” rating and issued a $55.00 price objective on shares of CervoMed in a research note on Thursday. Morgan Stanley started coverage on shares of CervoMed in a research note on Friday, July 26th. They issued an “overweight” rating and a $35.00 price objective for the company. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $65.00 price target on shares of CervoMed in a research note on Thursday, July 25th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $53.60.

CervoMed Trading Down 2.7 %

Shares of NASDAQ CRVO opened at $10.92 on Friday. CervoMed has a 52 week low of $5.85 and a 52 week high of $26.38. The firm has a 50-day moving average price of $14.07 and a 200 day moving average price of $16.70.

CervoMed (NASDAQ:CRVO) last issued its earnings results 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). The firm had revenue of $1.94 million during the quarter, compared to analysts’ expectations 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

Hedge funds have recently bought and sold shares of the stock. FMR LLC purchased a new stake in shares of CervoMed in the third quarter valued at $56,000. Fred Alger Management LLC purchased a new position in CervoMed in the 2nd quarter valued at about $60,000. Rhumbline Advisers acquired a new stake in shares of CervoMed during the 2nd quarter worth about $96,000. Bank of New York Mellon Corp purchased a new stake in shares of CervoMed during the second quarter worth about $236,000. Finally, Citizens Financial Group Inc. RI raised its position 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 valued at $445,000 after buying an additional 3,553 shares during 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.