Cassava Sciences (NASDAQ:SAVA) Shares Down 6%

Cassava Sciences, Inc. (NASDAQ:SAVA)’s share price dropped 6% during mid-day trading on Friday . The company traded as low as $19.72 and last traded at $19.92. Approximately 718,081 shares changed hands during mid-day trading, a decline of 6% from the average daily volume of 762,997 shares. The stock had previously closed at $21.19.

Wall Street Analysts Forecast Growth

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

Cassava Sciences Price Performance

The stock has a 50 day simple moving average of $21.83 and a two-hundred day simple moving average of $19.70. The company has a market capitalization of $844.67 million, a price-to-earnings ratio of -8.52 and a beta of -0.45.

Cassava Sciences (NASDAQ:SAVA) last issued its quarterly earnings data 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). Equities research analysts predict that Cassava Sciences, Inc. will post -2.01 EPS for the current year.

Institutional Trading of Cassava Sciences

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Cassava Sciences by 0.8% in the third quarter. Vanguard Group Inc. now owns 2,268,566 shares of the company’s stock valued at $37,749,000 after purchasing an additional 18,907 shares during the period. Raymond James & Associates grew its holdings 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 last quarter. Clear Creek Financial Management LLC grew its holdings in shares of Cassava Sciences by 29.0% during the fourth quarter. Clear Creek Financial Management LLC now owns 134,605 shares of the company’s stock worth $3,030,000 after buying an additional 30,265 shares during the last quarter. Essex LLC increased its position in Cassava Sciences by 186.1% in the 4th quarter. Essex LLC now owns 34,774 shares of the company’s stock valued at $783,000 after acquiring an additional 22,620 shares during the period. Finally, Byrne Asset Management LLC raised its stake in Cassava Sciences by 32.9% during the 4th quarter. Byrne Asset Management LLC now owns 3,350 shares of the company’s stock valued at $75,000 after acquiring an additional 830 shares during the last quarter. 38.05% of the stock is 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.