Cassava Sciences (NASDAQ:SAVA) Shares Down 3.8%

Shares of Cassava Sciences, Inc. (NASDAQ:SAVA) dropped 3.8% during trading on Wednesday . The company traded as low as $29.63 and last traded at $30.12. Approximately 984,069 shares traded hands during trading, a decline of 42% from the average daily volume of 1,690,718 shares. The stock had previously closed at $31.30.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SAVA. HC Wainwright restated a “neutral” rating on shares of Cassava Sciences in a research note on Tuesday, August 13th. Rodman & Renshaw reaffirmed a “buy” rating and issued a $107.00 price target on shares of Cassava Sciences in a report on Thursday, August 8th.

Cassava Sciences Trading Down 2.4 %

The company has a market cap of $1.47 billion, a price-to-earnings ratio of -14.42 and a beta of -0.63. The company’s 50 day moving average price is $23.38 and its 200 day moving average price is $21.31.

Cassava Sciences (NASDAQ:SAVA) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.57. During the same quarter in the previous year, the company posted ($0.63) EPS. Sell-side analysts predict that Cassava Sciences, Inc. will post -5.7 earnings per share for the current year.

Institutional Investors Weigh In On Cassava Sciences

Several hedge funds have recently modified their holdings of the company. EntryPoint Capital LLC boosted its position in Cassava Sciences by 1,251.2% during the first quarter. EntryPoint Capital LLC now owns 2,297 shares of the company’s stock worth $47,000 after acquiring an additional 2,127 shares during the last quarter. Quest Partners LLC purchased a new position in Cassava Sciences in the fourth quarter valued at about $118,000. NBC Securities Inc. lifted its stake in shares of Cassava Sciences by 9.3% during the first quarter. NBC Securities Inc. now owns 7,650 shares of the company’s stock worth $155,000 after purchasing an additional 650 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in shares of Cassava Sciences by 146.7% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 9,408 shares of the company’s stock valued at $191,000 after buying an additional 5,594 shares during the period. Finally, Aristides Capital LLC purchased a new stake in shares of Cassava Sciences during the 4th quarter valued at about $225,000. 38.05% of the stock is owned by institutional investors and hedge funds.

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.