Cassava Sciences (NASDAQ:SAVA) Shares Down 6%

Cassava Sciences, Inc. (NASDAQ:SAVA) 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 traded hands during 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 target on shares of Cassava Sciences in a research report on Tuesday, March 5th.

Cassava Sciences Stock Performance

The stock has a market capitalization of $844.67 million, a P/E ratio of -8.52 and a beta of -0.45. The firm has a fifty day moving average price of $21.83 and a two-hundred day moving average price of $19.70.

Cassava Sciences (NASDAQ:SAVA) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.10). On average, research analysts anticipate that Cassava Sciences, Inc. will post -2.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cassava Sciences

Several institutional investors have recently added to or reduced their stakes in the company. Impact Partnership Wealth LLC purchased a new position in shares of Cassava Sciences in the 3rd quarter worth $25,000. Montag A & Associates Inc. raised its stake in shares of Cassava Sciences by 50.0% in the third quarter. Montag A & Associates Inc. now owns 1,500 shares of the company’s stock valued at $25,000 after acquiring an additional 500 shares during the period. Northwest Financial Advisors purchased a new stake in Cassava Sciences in the 4th quarter worth about $25,000. Benjamin F. Edwards & Company Inc. lifted its stake in 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 purchasing an additional 1,000 shares during the last quarter. Finally, Captrust Financial Advisors boosted its position in shares of Cassava Sciences by 484.7% during the first quarter. Captrust Financial Advisors now owns 877 shares of the company’s stock valued at $33,000 after buying an additional 727 shares during the period. Hedge funds and other 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.