Cassava Sciences (NASDAQ:SAVA) Shares Down 2.5%

Cassava Sciences, Inc. (NASDAQ:SAVA) traded down 2.5% on Wednesday . The stock traded as low as $11.45 and last traded at $11.49. 537,272 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 981,425 shares. The stock had previously closed at $11.79.

Analyst Ratings Changes

Separately, HC Wainwright lowered Cassava Sciences from a “buy” rating to a “neutral” rating in a research report on Monday.

Cassava Sciences Trading Up 0.5 %

The firm has a 50-day moving average of $20.07 and a 200 day moving average of $21.79.

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

Institutional Investors Weigh In On Cassava Sciences

Several hedge funds and other institutional investors have recently bought and sold shares of SAVA. Cable Car Capital LLC purchased a new stake in Cassava Sciences during the 4th quarter worth approximately $1,204,000. Vanguard Group Inc. increased its holdings in Cassava Sciences by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 2,356,480 shares of the company’s stock worth $47,813,000 after purchasing an additional 31,854 shares during the last quarter. Clear Creek Financial Management LLC increased its holdings in Cassava Sciences by 29.0% during the 4th quarter. Clear Creek Financial Management LLC now owns 134,605 shares of the company’s stock worth $3,030,000 after purchasing an additional 30,265 shares during the last quarter. Virtu Financial LLC increased its holdings in Cassava Sciences by 120.3% during the 4th quarter. Virtu Financial LLC now owns 49,128 shares of the company’s stock worth $1,106,000 after purchasing an additional 26,824 shares during the last quarter. Finally, Essex LLC increased its holdings in Cassava Sciences by 186.1% during the 4th quarter. Essex LLC now owns 34,774 shares of the company’s stock worth $783,000 after purchasing an additional 22,620 shares during the last quarter. 38.05% of the stock is currently owned by hedge funds and other institutional investors.

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.