Cassava Sciences (NASDAQ:SAVA) Posts Earnings Results, Beats Estimates By $0.04 EPS

Cassava Sciences (NASDAQ:SAVA) released its earnings results on Thursday. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.30) by $0.04, FiscalAI reports.

Cassava Sciences Stock Performance

Shares of Cassava Sciences stock remained flat at $2.38 during trading on Thursday. Cassava Sciences has a 52-week low of $1.15 and a 52-week high of $4.98. The stock has a 50 day moving average of $2.12 and a two-hundred day moving average of $2.67. The firm has a market capitalization of $114.97 million, a P/E ratio of -1.09 and a beta of -0.85.

Wall Street Analyst Weigh In

SAVA has been the topic of several recent research reports. Wall Street Zen raised Cassava Sciences from a “sell” rating to a “hold” rating in a report on Sunday. Weiss Ratings restated a “sell (e+)” rating on shares of Cassava Sciences in a research note on Friday, December 26th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $2.00.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP raised its stake in shares of Cassava Sciences by 2,774.3% during the third quarter. Marshall Wace LLP now owns 2,061,286 shares of the company’s stock worth $5,998,000 after buying an additional 1,989,572 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Cassava Sciences during the third quarter worth $654,000. Goldman Sachs Group Inc. increased its holdings in Cassava Sciences by 77.9% in the first quarter. Goldman Sachs Group Inc. now owns 496,313 shares of the company’s stock valued at $744,000 after purchasing an additional 217,404 shares during the last quarter. Voleon Capital Management LP bought a new position in Cassava Sciences during the third quarter worth about $414,000. Finally, Dimensional Fund Advisors LP bought a new stake in shares of Cassava Sciences in the 4th quarter valued at about $277,000. Institutional investors own 38.05% of the company’s stock.

About Cassava Sciences

Cassava Sciences, Inc is a clinical-stage biopharmaceutical company focused on the development of novel therapies and diagnostics for Alzheimer’s disease and related neurodegenerative disorders. Headquartered in Austin, Texas, the company was originally founded as Pain Therapeutics in 1998 and rebranded to Cassava Sciences in 2017. Cassava’s research program centers on small molecules designed to address underlying mechanisms of neurodegeneration rather than solely targeting amyloid plaques or tau tangles.

The company’s lead drug candidate, simufilam (formerly PTI-125), is a proprietary small molecule that aims to restore normal shape and function to the scaffolding protein filamin A, which has been implicated in impaired neuronal signaling and inflammation in Alzheimer’s patients.