FY2024 EPS Forecast for Cassava Sciences Reduced by Analyst

Cassava Sciences, Inc. (NASDAQ:SAVA) – Investment analysts at HC Wainwright dropped their FY2024 earnings per share (EPS) estimates for shares of Cassava Sciences in a report issued on Tuesday, November 26th. HC Wainwright analyst V. Bernardino now expects that the company will earn ($3.97) per share for the year, down from their previous forecast of ($3.63). HC Wainwright currently has a “Neutral” rating and a $116.00 target price 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.

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

Separately, Rodman & Renshaw restated a “buy” rating and issued a $107.00 price objective on shares of Cassava Sciences in a research note on Thursday, August 8th.

Cassava Sciences Price Performance

NASDAQ:SAVA opened at $3.98 on Thursday. The firm 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 one year low of $3.65 and a one year high of $42.20. The business has a fifty day moving average price of $26.00 and a 200-day moving average price of $23.04.

Institutional Investors Weigh In On Cassava Sciences

Several hedge funds and other institutional investors have recently modified their holdings of SAVA. State Board of Administration of Florida Retirement System increased its stake in Cassava Sciences by 5.7% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 12,149 shares of the company’s stock worth $247,000 after buying an additional 650 shares in the last quarter. Vanguard Group Inc. increased its stake in Cassava Sciences by 1.4% in the 1st 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 in the last quarter. CANADA LIFE ASSURANCE Co increased its stake in Cassava Sciences by 146.7% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 9,408 shares of the company’s stock worth $191,000 after buying an additional 5,594 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Cassava Sciences by 4.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,327 shares of the company’s stock worth $636,000 after buying an additional 1,456 shares in the last quarter. Finally, Brookstone Capital Management increased its stake in Cassava Sciences by 6.0% in the 2nd quarter. Brookstone Capital Management now owns 17,753 shares of the company’s stock worth $219,000 after buying an additional 1,000 shares in the last quarter. 38.05% of the stock is currently owned by hedge funds and other institutional investors.

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.