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

HC Wainwright downgraded shares of Cassava Sciences (NASDAQ:SAVA) from a buy rating to a neutral rating in a research report sent to investors on Tuesday, MarketBeat Ratings reports. They currently have $116.00 target price on the stock.

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

Cassava Sciences Stock Down 10.9 %

NASDAQ:SAVA opened at $3.83 on Tuesday. The company has a market cap of $184.26 million, a P/E ratio of -2.78 and a beta of -0.59. The firm’s 50 day moving average is $26.52 and its two-hundred day moving average is $23.17. Cassava Sciences has a fifty-two week low of $3.65 and a fifty-two week high of $42.20.

Cassava Sciences (NASDAQ:SAVA) last issued its earnings results on Thursday, November 7th. The company reported ($0.58) earnings per share 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. Research analysts forecast that Cassava Sciences will post -3.63 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC purchased a new stake in shares of Cassava Sciences during the 3rd quarter valued at about $10,610,000. State Board of Administration of Florida Retirement System raised its stake in shares of Cassava Sciences by 5.7% during the first quarter. State Board of Administration of Florida Retirement System now owns 12,149 shares of the company’s stock valued at $247,000 after purchasing an additional 650 shares during the period. KBC Group NV acquired a new position in shares of Cassava Sciences during the third quarter worth $57,000. CANADA LIFE ASSURANCE Co boosted its stake in shares of Cassava Sciences by 146.7% in the first quarter. CANADA LIFE ASSURANCE Co now owns 9,408 shares of the company’s stock valued at $191,000 after purchasing an additional 5,594 shares during the period. Finally, Vanguard Group Inc. grew its holdings in Cassava Sciences by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 2,356,480 shares of the company’s stock valued at $47,813,000 after purchasing an additional 31,854 shares in the last quarter. Institutional investors and hedge funds own 38.05% of the company’s stock.

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.