Wellington Management Group LLP Invests $605,000 in Cassava Sciences, Inc. (NASDAQ:SAVA)

Wellington Management Group LLP purchased a new stake in shares of Cassava Sciences, Inc. (NASDAQ:SAVA) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 20,554 shares of the company’s stock, valued at approximately $605,000.

A number of other hedge funds and other institutional investors have also modified their holdings of SAVA. KBC Group NV acquired a new position in Cassava Sciences during the 3rd quarter worth $57,000. Quest Partners LLC raised its position in shares of Cassava Sciences by 117.8% during the third quarter. Quest Partners LLC now owns 1,997 shares of the company’s stock worth $59,000 after acquiring an additional 1,080 shares during the last quarter. Dark Forest Capital Management LP acquired a new position in shares of Cassava Sciences during the second quarter valued at $131,000. Arizona State Retirement System lifted its stake in shares of Cassava Sciences by 4.2% during the second quarter. Arizona State Retirement System now owns 11,495 shares of the company’s stock valued at $142,000 after acquiring an additional 468 shares during the period. Finally, Profund Advisors LLC increased its position in Cassava Sciences by 4.6% in the second quarter. Profund Advisors LLC now owns 13,440 shares of the company’s stock worth $166,000 after purchasing an additional 591 shares during the period. Institutional investors and hedge funds own 38.05% of the company’s stock.

Cassava Sciences Stock Performance

Shares of Cassava Sciences stock opened at $2.35 on Friday. The firm has a fifty day moving average of $17.55 and a two-hundred day moving average of $20.78. The stock has a market capitalization of $113.06 million, a price-to-earnings ratio of -1.70 and a beta of -0.86. Cassava Sciences, Inc. has a 52 week low of $2.23 and a 52 week high of $42.20.

Cassava Sciences (NASDAQ:SAVA) last posted its earnings results on Thursday, November 7th. The company reported ($0.58) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.37) by $0.79. During the same period last year, the business earned ($0.61) EPS. As a group, research analysts forecast that Cassava Sciences, Inc. will post -3.97 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, HC Wainwright downgraded shares of Cassava Sciences from a “buy” rating to a “neutral” rating and set a $116.00 target price on the stock. in a research report on Tuesday, November 26th.

Insider Buying and Selling at Cassava Sciences

In other news, CFO Eric Schoen sold 59,800 shares of the business’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $3.86, for a total value of $230,828.00. Following the completion of the transaction, the chief financial officer now owns 11,500 shares of the company’s stock, valued at $44,390. The trade was a 83.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 12.20% 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.