Cassava Sciences (NASDAQ:SAVA) Shares Down 6.6%

Cassava Sciences, Inc. (NASDAQ:SAVA) shares were down 6.6% on Friday . The stock traded as low as $27.18 and last traded at $27.52. Approximately 512,464 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 1,691,563 shares. The stock had previously closed at $29.45.

Analyst Upgrades and Downgrades

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

Cassava Sciences Stock Performance

The company has a fifty day moving average of $20.68 and a two-hundred day moving average of $21.03. The company has a market cap of $1.29 billion, a PE ratio of -12.84 and a beta of -0.63.

Cassava Sciences (NASDAQ:SAVA) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of ($0.44) by $0.57. During the same period in the prior year, the company posted ($0.63) earnings per share. On average, equities analysts forecast that Cassava Sciences, Inc. will post -5.7 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Northwest Financial Advisors bought a new stake in shares of Cassava Sciences in the 4th quarter valued at about $25,000. Benjamin F. Edwards & Company Inc. boosted its holdings 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 valued at $26,000 after acquiring an additional 1,000 shares during the last quarter. EntryPoint Capital LLC boosted its holdings in Cassava Sciences by 1,251.2% in 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. Quest Partners LLC purchased a new position in Cassava Sciences during the fourth quarter valued at approximately $118,000. Finally, NBC Securities Inc. increased its holdings in shares of Cassava Sciences by 75.0% during the 4th quarter. NBC Securities Inc. now owns 7,000 shares of the company’s stock valued at $157,000 after purchasing an additional 3,000 shares in the last quarter. 38.05% of the stock is currently owned by hedge funds and other institutional investors.

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.