CERVOMED INC (CRVO) Soars 10.6%: Is Further Upside Left in the Stock?
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CervoMed Inc. (CRVO) shares ended the last trading session 10.6% higher at $17.47. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 2.3% loss over the past four weeks.
Last month, the company reported robust financial results for the second quarter of 2024. The phase IIb study evaluating CervoMed’s pipeline candidate, neflamapimod, for treating Dementia with Lewy Bodies is also progressing well. This might have driven the share price rally.
This company is expected to post quarterly loss of $0.41 per share in its upcoming report, which represents a year-over-year change of +41.4%. Revenues are expected to be $1.75 million, up 14.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For CERVOMED INC, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CRVO going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
CERVOMED INC is part of the Zacks Medical - Biomedical and Genetics industry. Cellectis S.A. (CLLS), another stock in the same industry, closed the last trading session 1.8% higher at $2.32. CLLS has returned -3.2% in the past month.
For Cellectis , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.20. This represents a change of +35.5% from what the company reported a year ago. Cellectis currently has a Zacks Rank of #3 (Hold).
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CervoMed Inc. (CRVO) : Free Stock Analysis Report
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