Cassava Sciences (NASDAQ:SAVA) Trading Down 5.5% – Time to Sell?

Shares of Cassava Sciences, Inc. (NASDAQ:SAVA) were down 5.5% on Wednesday . The company traded as low as $26.38 and last traded at $26.46. Approximately 1,037,855 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 1,700,476 shares. The stock had previously closed at $28.00.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SAVA shares. HC Wainwright reaffirmed a “buy” rating and set a $116.00 target price on shares of Cassava Sciences in a research report on Friday, November 8th. Rodman & Renshaw restated a “buy” rating and issued a $107.00 price objective on shares of Cassava Sciences in a research note on Thursday, August 8th.

Cassava Sciences Trading Down 17.7 %

The firm has a 50-day moving average of $27.59 and a two-hundred day moving average of $23.35. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of -19.86 and a beta of -0.59.

Cassava Sciences (NASDAQ:SAVA) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.58) EPS for the quarter, topping analysts’ consensus estimates of ($1.37) by $0.79. During the same period last year, the business earned ($0.61) EPS. As a group, equities analysts anticipate that Cassava Sciences, Inc. will post -3.63 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System lifted its stake in shares of Cassava Sciences by 4.2% in the second quarter. Arizona State Retirement System now owns 11,495 shares of the company’s stock valued at $142,000 after buying an additional 468 shares during the period. Janney Montgomery Scott LLC grew its holdings in shares of Cassava Sciences by 3.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 14,690 shares of the company’s stock worth $298,000 after purchasing an additional 506 shares in the last quarter. Profund Advisors LLC increased its position in shares of Cassava Sciences by 4.6% during the second quarter. Profund Advisors LLC now owns 13,440 shares of the company’s stock valued at $166,000 after purchasing an additional 591 shares during the period. State Board of Administration of Florida Retirement System raised its stake in shares of Cassava Sciences by 5.7% in the first quarter. State Board of Administration of Florida Retirement System now owns 12,149 shares of the company’s stock valued at $247,000 after purchasing an additional 650 shares in the last quarter. Finally, PFG Investments LLC lifted its position in Cassava Sciences by 4.6% in the second quarter. PFG Investments LLC now owns 22,880 shares of the company’s stock worth $283,000 after purchasing an additional 1,000 shares during the period. Institutional investors own 38.05% of the company’s stock.

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.