Cassava Sciences (NASDAQ:SAVA) Hits New 52-Week Low at $11.00

Cassava Sciences, Inc. (NASDAQ:SAVA) reached a new 52-week low during trading on Friday . The company traded as low as $11.00 and last traded at $12.69, with a volume of 1617836 shares trading hands. The stock had previously closed at $18.95.

Analysts Set New Price Targets

Separately, HC Wainwright upped their price target on Cassava Sciences from $124.00 to $131.00 and gave the company a “buy” rating in a research report on Friday, May 17th.

Cassava Sciences Price Performance

The business has a 50-day simple moving average of $20.83 and a 200 day simple moving average of $22.07.

Cassava Sciences (NASDAQ:SAVA) last released its quarterly earnings results on Friday, May 10th. The company reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.90). On average, equities research analysts expect that Cassava Sciences, Inc. will post -1.86 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cassava Sciences

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Cassava Sciences by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 2,356,480 shares of the company’s stock valued at $47,813,000 after purchasing an additional 31,854 shares in the last quarter. Gallacher Capital Management LLC boosted its position in shares of Cassava Sciences by 0.6% during the 1st quarter. Gallacher Capital Management LLC now owns 585,381 shares of the company’s stock valued at $11,877,000 after purchasing an additional 3,775 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Cassava Sciences by 1.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 308,836 shares of the company’s stock valued at $6,952,000 after purchasing an additional 4,115 shares in the last quarter. Clear Creek Financial Management LLC boosted its position in shares of Cassava Sciences by 2.9% during the 1st quarter. Clear Creek Financial Management LLC now owns 138,525 shares of the company’s stock valued at $2,811,000 after purchasing an additional 3,920 shares in the last quarter. Finally, Raymond James & Associates boosted its position in shares of Cassava Sciences by 0.8% during the 4th quarter. Raymond James & Associates now owns 74,097 shares of the company’s stock valued at $1,668,000 after purchasing an additional 565 shares in the last quarter. 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.