Cassava Sciences Inc Up 2.48% To $21.91 After Earnings Beat

Cassava Sciences Inc (SAVA) beat out earnings estimates for Q3 2023 this morning.

The consensus among analysts for Cassava Sciences Inc was for an earnings per share (EPS) loss of $0.77 per share. The firm was able to surpass those projections, reporting an EPS loss of $0.61 per share, a positive surprise of $0.16 (21%). Profits fell 20% year-over-year after reporting an EPS loss of $0.51 per share in its year-ago quarter. The negative growth rate signals that the Healthcare company isn't performing well amid current economic conditions.

Cassava Sciences Inc reported Q3 2023 revenue of $0.00. The $0.00 (0%) negative revenue surprise led to 0% growth year-over-year as the firm reported revenue of $0.00 in its year-ago quarter. The lower earnings growth compared to revenue points to Cassava Sciences Inc not being able to improve its profit margin.

The stock is up 2.48% to $21.91 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Cassava Sciences Inc has performed a little above average during the past few months. Before the report, Cassava Sciences Inc received a Long-Term Technical Rank by InvestorsObserver of 60, putting it in the top half of stocks. The firm was recently trading at a 52-week low of $12.32 on October 13, 2023 and set a 52-week high on December 14, 2022 at $45.43.

Cassava Sciences Inc is a clinical-stage biotechnology company engaged in developing a scientific approach for the treatment and detection of Alzheimer's disease. Its therapeutic product candidate is called simufilam, and it is a novel treatment for Alzheimer's disease; and investigational diagnostic product candidate is called SavaDx, and it is a novel way to detect the presence of Alzheimer's disease from a small sample of blood, possibly years before the overt appearance of clinical symptoms.