Cassava Sciences (NASDAQ:SAVA) Releases Earnings Results, Beats Expectations By $0.04 EPS

Cassava Sciences (NASDAQ:SAVA) released its quarterly earnings results on Thursday. The company reported ($0.26) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.04, FiscalAI reports.

Cassava Sciences Stock Performance

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

Hedge Funds Weigh In On Cassava Sciences

Large investors have recently made changes to their positions in the company. AQR Capital Management LLC bought a new stake in Cassava Sciences in the 1st quarter valued at $120,000. Goldman Sachs Group Inc. increased its stake in Cassava Sciences by 77.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 496,313 shares of the company’s stock worth $744,000 after acquiring an additional 217,404 shares during the period. Strs Ohio bought a new stake in Cassava Sciences during the first quarter worth about $178,000. Marshall Wace LLP bought a new position in Cassava Sciences in the second quarter valued at approximately $130,000. Finally, Jump Financial LLC acquired a new position in shares of Cassava Sciences during the 2nd quarter worth $50,000. Institutional investors own 38.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on SAVA shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cassava Sciences in a report on Friday, December 26th. Wall Street Zen raised shares of Cassava Sciences from a “sell” rating to a “hold” rating in a research report on Sunday. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $2.00.

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.