Cassava Sciences (NASDAQ:SAVA) Trading Down 2.5%

Cassava Sciences, Inc. (NASDAQ:SAVA)’s stock price dropped 2.5% during trading on Wednesday . The stock traded as low as $11.45 and last traded at $11.49. Approximately 537,272 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 981,425 shares. The stock had previously closed at $11.79.

Analysts Set New Price Targets

Separately, HC Wainwright lowered Cassava Sciences from a “buy” rating to a “neutral” rating in a report on Monday.

Cassava Sciences Stock Down 8.7 %

The stock has a market cap of $516.74 million, a PE ratio of -4.91 and a beta of -0.57. The firm has a fifty day moving average of $20.48 and a 200 day moving average of $21.94.

Cassava Sciences (NASDAQ:SAVA) last released its quarterly earnings data 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). On average, equities research analysts forecast that Cassava Sciences, Inc. will post -1.86 EPS for the current fiscal year.

Hedge Funds Weigh In On Cassava Sciences

Large investors have recently bought and sold shares of the stock. Janney Montgomery Scott LLC boosted its stake in shares of Cassava Sciences by 3.6% during 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 during the period. Raymond James & Associates boosted its stake in shares of Cassava Sciences by 0.8% during 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 during the period. NBC Securities Inc. boosted 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 buying an additional 650 shares during the period. State Board of Administration of Florida Retirement System boosted 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 worth $247,000 after buying an additional 650 shares during the period. Finally, Byrne Asset Management LLC boosted its stake in shares of Cassava Sciences by 32.9% during the fourth quarter. Byrne Asset Management LLC now owns 3,350 shares of the company’s stock worth $75,000 after buying an additional 830 shares during the period. Institutional investors and hedge funds own 38.05% of the company’s stock.

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.