Cassava Sciences (NASDAQ:SAVA) Downgraded by HC Wainwright to Neutral

HC Wainwright cut shares of Cassava Sciences (NASDAQ:SAVA) from a buy rating to a neutral rating in a report released on Monday morning, MarketBeat.com reports.

Cassava Sciences Stock Performance

Shares of NASDAQ:SAVA opened at $12.14 on Monday. Cassava Sciences has a 52-week low of $8.79 and a 52-week high of $32.10. The company has a market capitalization of $582.43 million, a P/E ratio of -5.59 and a beta of -0.50. The company has a 50-day simple moving average of $20.66 and a 200 day simple moving average of $22.01.

Cassava Sciences (NASDAQ:SAVA) last issued its earnings results on Friday, May 10th. The company reported ($1.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.51) by ($0.90). As a group, equities analysts forecast that Cassava Sciences will post -1.86 earnings per share for the current year.

Institutional Investors Weigh In On Cassava Sciences

Hedge funds have recently bought and sold shares of the company. Cable Car Capital LLC bought a new position in Cassava Sciences in the 4th quarter valued at about $1,204,000. Vanguard Group Inc. raised its holdings in Cassava Sciences by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 2,356,480 shares of the company’s stock valued at $47,813,000 after acquiring an additional 31,854 shares during the period. Clear Creek Financial Management LLC raised its holdings in Cassava Sciences by 29.0% in the 4th quarter. Clear Creek Financial Management LLC now owns 134,605 shares of the company’s stock valued at $3,030,000 after acquiring an additional 30,265 shares during the period. Virtu Financial LLC raised its holdings in Cassava Sciences by 120.3% in the 4th quarter. Virtu Financial LLC now owns 49,128 shares of the company’s stock valued at $1,106,000 after acquiring an additional 26,824 shares during the period. Finally, Essex LLC raised its holdings in Cassava Sciences by 186.1% in the 4th quarter. Essex LLC now owns 34,774 shares of the company’s stock valued at $783,000 after acquiring an additional 22,620 shares during the period. 38.05% of the stock is currently owned by institutional investors and hedge funds.

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.