Cassava Sciences (NASDAQ:SAVA) Stock Price Down 3% – Here’s Why

Cassava Sciences, Inc. (NASDAQ:SAVA) shares were down 3% on Thursday . The stock traded as low as $2.90 and last traded at $2.96. Approximately 717,559 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 1,804,897 shares. The stock had previously closed at $3.05.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cassava Sciences in a research report on Thursday, October 30th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $2.00.

Cassava Sciences Price Performance

The business has a 50-day moving average of $3.14 and a 200-day moving average of $2.44. The company has a market capitalization of $142.99 million, a P/E ratio of -1.16 and a beta of -1.10.

Cassava Sciences (NASDAQ:SAVA) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.18) earnings per share for the quarter. Sell-side analysts predict that Cassava Sciences, Inc. will post -3.97 EPS for the current fiscal year.

Insider Activity

In other Cassava Sciences news, insider Robert Christopher Cook bought 13,725 shares of the business’s stock in a transaction dated Tuesday, September 30th. The shares were purchased at an average price of $2.91 per share, with a total value of $39,939.75. Following the completion of the purchase, the insider owned 13,725 shares in the company, valued at $39,939.75. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Richard Barry purchased 190,633 shares of Cassava Sciences stock in a transaction dated Thursday, September 18th. The stock was acquired at an average price of $2.24 per share, for a total transaction of $427,017.92. Following the completion of the acquisition, the chief executive officer owned 660,195 shares of the company’s stock, valued at approximately $1,478,836.80. This trade represents a 40.60% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 258,838 shares of company stock worth $591,645 over the last quarter. 2.40% of the stock is currently owned by insiders.

Institutional Trading of Cassava Sciences

A number of large investors have recently modified their holdings of SAVA. TT Capital Management LLC purchased a new position in Cassava Sciences during the 2nd quarter worth $28,000. Aristides Capital LLC purchased a new stake in shares of Cassava Sciences in the 2nd quarter worth $29,000. Eagle Wealth Strategies LLC bought a new position in shares of Cassava Sciences during the 3rd quarter worth $29,000. Ground Swell Capital LLC purchased a new position in shares of Cassava Sciences during the second quarter valued at $31,000. Finally, Catalyst Funds Management Pty Ltd purchased a new position in shares of Cassava Sciences during the second quarter valued at $34,000. 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.