Cassava Sciences (NASDAQ:SAVA) Trading Down 6.3%

Cassava Sciences, Inc. (NASDAQ:SAVA)’s share price dropped 6.3% during trading on Tuesday . The company traded as low as $20.13 and last traded at $20.16. Approximately 341,502 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 776,676 shares. The stock had previously closed at $21.52.

Analyst Ratings Changes

Separately, HC Wainwright reissued a “buy” rating and issued a $124.00 target price on shares of Cassava Sciences in a report on Tuesday, March 5th.

Cassava Sciences Price Performance

The company has a market capitalization of $944.15 million, a PE ratio of -8.69 and a beta of -0.38. The company has a 50-day moving average of $21.36 and a two-hundred day moving average of $20.61.

Cassava Sciences (NASDAQ:SAVA) last released its earnings results on Wednesday, February 28th. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.10). As a group, research analysts anticipate that Cassava Sciences, Inc. will post -2.01 EPS for the current year.

Hedge Funds Weigh In On Cassava Sciences

Several large investors have recently made changes to their positions in the business. Montag A & Associates Inc. lifted its position in shares of Cassava Sciences by 50.0% in the third quarter. Montag A & Associates Inc. now owns 1,500 shares of the company’s stock valued at $25,000 after acquiring an additional 500 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Cassava Sciences by 3.6% in the first quarter. Janney Montgomery Scott LLC now owns 14,690 shares of the company’s stock worth $298,000 after buying an additional 506 shares in the last quarter. Teacher Retirement System of Texas lifted its position in shares of Cassava Sciences by 4.7% in the third quarter. Teacher Retirement System of Texas now owns 11,269 shares of the company’s stock worth $188,000 after buying an additional 509 shares in the last quarter. Raymond James & Associates lifted its position in shares of Cassava Sciences by 0.8% in the fourth quarter. Raymond James & Associates now owns 74,097 shares of the company’s stock worth $1,668,000 after buying an additional 565 shares in the last quarter. Finally, NBC Securities Inc. lifted its position in shares of Cassava Sciences by 9.3% in the first quarter. NBC Securities Inc. now owns 7,650 shares of the company’s stock worth $155,000 after buying an additional 650 shares in the last quarter. 38.05% of the stock is currently owned by hedge funds and other institutional investors.

Cassava Sciences Company Profile

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.