HC Wainwright Downgrades Cassava Sciences (NASDAQ:SAVA) to Neutral

Cassava Sciences (NASDAQ:SAVA) was downgraded by investment analysts at HC Wainwright from a “buy” rating to a “neutral” rating in a report issued on Monday, Marketbeat Ratings reports.

Cassava Sciences Stock Down 2.9 %

Shares of SAVA stock opened at $11.79 on Monday. The company has a market capitalization of $565.68 million, a P/E ratio of -5.43 and a beta of -0.57. Cassava Sciences has a 12-month low of $8.79 and a 12-month high of $32.10. The firm has a 50-day moving average price of $20.48 and a 200 day moving average price of $21.94.

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

Institutional Trading of Cassava Sciences

Several large investors have recently made changes to their positions in SAVA. Northwest Financial Advisors bought a new position in shares of Cassava Sciences in the fourth quarter valued at about $25,000. Benjamin F. Edwards & Company Inc. raised its stake in shares of Cassava Sciences by 653.6% in the fourth 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 last quarter. EntryPoint Capital LLC grew its stake in shares of Cassava Sciences by 1,251.2% during the first quarter. EntryPoint Capital LLC now owns 2,297 shares of the company’s stock valued at $47,000 after purchasing an additional 2,127 shares during the last quarter. Byrne Asset Management LLC increased its holdings in shares of Cassava Sciences by 32.9% in the fourth quarter. Byrne Asset Management LLC now owns 3,350 shares of the company’s stock valued at $75,000 after purchasing an additional 830 shares in the last quarter. Finally, Quest Partners LLC acquired a new stake in shares of Cassava Sciences in the fourth quarter valued at approximately $118,000. Institutional investors 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.