HC Wainwright Has Negative Outlook of SAVA FY2024 Earnings

Cassava Sciences, Inc. (NASDAQ:SAVA - Free Report) - Investment analysts at HC Wainwright dropped their FY2024 earnings per share estimates for Cassava Sciences in a research report issued to clients and investors on Tuesday, November 26th. HC Wainwright analyst V. Bernardino now forecasts that the company will post earnings per share of ($3.97) for the year, down from their prior forecast of ($3.63). HC Wainwright has a "Neutral" rating and a $116.00 price objective on the stock. The consensus estimate for Cassava Sciences' current full-year earnings is ($3.63) per share. HC Wainwright also issued estimates for Cassava Sciences' Q4 2024 earnings at ($0.68) EPS and FY2025 earnings at ($0.62) EPS.

Separately, Rodman & Renshaw reaffirmed a "buy" rating and set a $107.00 price objective on shares of Cassava Sciences in a report on Thursday, August 8th.

Cassava Sciences Stock Performance

Shares of SAVA stock traded up $0.15 during mid-day trading on Thursday, hitting $3.98. 20,244,824 shares of the stock were exchanged, compared to its average volume of 2,364,036. The stock's fifty day simple moving average is $26.00 and its two-hundred day simple moving average is $23.04. The stock has a market capitalization of $191.48 million, a price-to-earnings ratio of -2.88 and a beta of -0.59. Cassava Sciences has a 12-month low of $3.65 and a 12-month high of $42.20.

Cassava Sciences (NASDAQ:SAVA - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.58) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.37) by $0.79. During the same period in the previous year, the business posted ($0.61) EPS.

Hedge Funds Weigh In On Cassava Sciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Cassava Sciences by 1.4% during the first quarter. Vanguard Group Inc. now owns 2,356,480 shares of the company's stock worth $47,813,000 after buying an additional 31,854 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Cassava Sciences by 4.3% during the third quarter. Geode Capital Management LLC now owns 1,008,593 shares of the company's stock worth $29,688,000 after buying an additional 41,289 shares during the last quarter. Tidal Investments LLC purchased a new position in shares of Cassava Sciences during the third quarter worth about $11,036,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Cassava Sciences by 3.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 361,797 shares of the company's stock worth $10,648,000 after buying an additional 10,429 shares during the last quarter. Finally, Clear Creek Financial Management LLC grew its holdings in shares of Cassava Sciences by 5.5% during the third quarter. Clear Creek Financial Management LLC now owns 153,533 shares of the company's stock worth $4,518,000 after buying an additional 7,983 shares during the last quarter. Hedge funds and other institutional investors own 38.05% of the company's stock.

About Cassava Sciences

Cassava Sciences, Inc, a clinical stage biotechnology company, develops drugs for neurodegenerative diseases. Its lead therapeutic product candidate is simufilam, a small molecule drug, which is completed Phase 2 clinical trial; and investigational diagnostic product candidate is SavaDx, a blood-based biomarker/diagnostic to detect Alzheimer's disease.