Cassava Sciences (NASDAQ:SAVA) Issues Earnings Results

by · The Markets Daily

Cassava Sciences (NASDAQ:SAVAGet Free Report) released its quarterly earnings results on Wednesday. The company reported ($0.22) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.05, FiscalAI reports. The business had revenue of $0.84 million during the quarter.

Cassava Sciences Price Performance

Shares of SAVA stock traded down $0.18 on Friday, hitting $2.76. 867,765 shares of the stock traded hands, compared to its average volume of 1,783,458. Cassava Sciences has a 52 week low of $1.15 and a 52 week high of $33.98. The firm has a 50 day simple moving average of $3.21 and a two-hundred day simple moving average of $2.48. The firm has a market cap of $133.33 million, a price-to-earnings ratio of -1.08 and a beta of -1.10.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Cassava Sciences in a research note on Thursday, October 30th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $2.00.

Read Our Latest Research Report on SAVA

Insiders Place Their Bets

In other Cassava Sciences news, CEO Richard Barry acquired 47,308 shares of the stock in a transaction dated Friday, September 19th. The shares were acquired at an average cost of $2.29 per share, for a total transaction of $108,335.32. Following the completion of the transaction, the chief executive officer directly owned 707,503 shares of the company’s stock, valued at approximately $1,620,181.87. The trade was a 7.17% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Robert Christopher Cook bought 13,725 shares of the business’s stock in a transaction that occurred on Tuesday, September 30th. The shares were acquired at an average price of $2.91 per share, with a total value of $39,939.75. Following the transaction, the insider directly owned 13,725 shares of the company’s stock, valued at $39,939.75. This represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 258,838 shares of company stock valued at $591,645 in the last quarter. 2.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SAVA. Marshall Wace LLP boosted its stake in Cassava Sciences by 2,774.3% in the 3rd quarter. Marshall Wace LLP now owns 2,061,286 shares of the company’s stock worth $5,998,000 after purchasing an additional 1,989,572 shares during the period. GMT Capital Corp purchased a new position in shares of Cassava Sciences in the first quarter worth $675,000. Goldman Sachs Group Inc. lifted its holdings in shares of Cassava Sciences by 77.9% in the first quarter. Goldman Sachs Group Inc. now owns 496,313 shares of the company’s stock worth $744,000 after buying an additional 217,404 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Cassava Sciences by 5.5% during the third quarter. Vanguard Group Inc. now owns 2,289,523 shares of the company’s stock worth $6,663,000 after acquiring an additional 119,451 shares during the last quarter. Finally, Strs Ohio purchased a new position in Cassava Sciences during the first quarter valued at $178,000. 38.05% of the stock is owned by hedge funds and other institutional investors.

About Cassava Sciences

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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.

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