Cassava Sciences (NASDAQ:SAVA) Stock Price Down 5.8% – Here’s Why

Cassava Sciences, Inc. (NASDAQ:SAVA)’s share price dropped 5.8% during trading on Tuesday . The company traded as low as $24.32 and last traded at $24.34. Approximately 1,186,423 shares traded hands during mid-day trading, a decline of 30% from the average daily volume of 1,704,178 shares. The stock had previously closed at $25.84.

Analysts Set New Price Targets

SAVA has been the subject of a number of research reports. Rodman & Renshaw reissued a “buy” rating and issued a $107.00 price objective on shares of Cassava Sciences in a research note on Thursday, August 8th. HC Wainwright upgraded Cassava Sciences from a “neutral” rating to a “buy” rating and set a $116.00 target price on the stock in a report on Tuesday, October 8th.

Cassava Sciences Price Performance

The stock has a fifty day moving average price of $27.75 and a two-hundred day moving average price of $22.96. The company has a market cap of $1.22 billion, a P/E ratio of -17.97 and a beta of -0.59.

Cassava Sciences (NASDAQ:SAVA) last posted its earnings results on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.57. During the same period in the prior year, the business posted ($0.63) earnings per share. Equities analysts predict that Cassava Sciences, Inc. will post -5.7 earnings per share for the current fiscal year.

Institutional Trading of Cassava Sciences

A number of hedge funds have recently bought and sold shares of SAVA. International Assets Investment Management LLC bought a new stake in Cassava Sciences during the third quarter worth $10,610,000. Vanguard Group Inc. lifted its holdings in Cassava Sciences by 1.4% during the first quarter. Vanguard Group Inc. now owns 2,356,480 shares of the company’s stock worth $47,813,000 after acquiring an additional 31,854 shares during the period. Bank of New York Mellon Corp lifted its holdings in Cassava Sciences by 18.1% during the second quarter. Bank of New York Mellon Corp now owns 140,847 shares of the company’s stock worth $1,739,000 after acquiring an additional 21,558 shares during the period. SG Americas Securities LLC bought a new stake in Cassava Sciences during the third quarter worth $514,000. Finally, Aristides Capital LLC bought a new stake in Cassava Sciences during the second quarter worth $201,000. 38.05% of the stock is currently owned by 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.