Cassava Sciences (NASDAQ:SAVA) Shares Down 9%

Cassava Sciences, Inc. (NASDAQ:SAVA)’s share price traded down 9% on Friday . The stock traded as low as $22.99 and last traded at $23.75. 842,280 shares traded hands during mid-day trading, an increase of 17% from the average session volume of 722,111 shares. The stock had previously closed at $26.11.

Analyst Ratings Changes

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

Cassava Sciences Price Performance

The firm has a market capitalization of $983.94 million, a PE ratio of -9.81 and a beta of -0.45. The firm has a fifty day moving average price of $22.10 and a 200 day moving average price of $19.50.

Cassava Sciences (NASDAQ:SAVA) last announced 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). On average, sell-side analysts expect that Cassava Sciences, Inc. will post -2.01 EPS for the current year.

Institutional Trading of Cassava Sciences

Hedge funds have recently added to or reduced their stakes in the business. Captrust Financial Advisors boosted its stake in Cassava Sciences by 484.7% during the 1st quarter. Captrust Financial Advisors now owns 877 shares of the company’s stock valued at $33,000 after purchasing an additional 727 shares during the period. Northwest Financial Advisors bought a new stake in shares of Cassava Sciences in the 4th quarter worth approximately $25,000. Benjamin F. Edwards & Company Inc. lifted its position in shares of Cassava Sciences by 653.6% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 1,153 shares of the company’s stock worth $26,000 after acquiring an additional 1,000 shares during the period. Dark Forest Capital Management LP bought a new stake in shares of Cassava Sciences in the 1st quarter worth approximately $33,000. Finally, Montag A & Associates Inc. lifted its position in shares of Cassava Sciences by 50.0% in the 3rd quarter. Montag A & Associates Inc. now owns 1,500 shares of the company’s stock worth $25,000 after acquiring an additional 500 shares during the period. Institutional investors 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.