Cassava Sciences (NASDAQ:SAVA) Shares Gap Down to $31.87

Shares of Cassava Sciences, Inc. (NASDAQ:SAVA) gapped down prior to trading on Friday . The stock had previously closed at $31.87, but opened at $28.08. Cassava Sciences shares last traded at $28.69, with a volume of 1,769,883 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on SAVA shares. Rodman & Renshaw reaffirmed a “buy” rating and issued a $107.00 price target on shares of Cassava Sciences in a research note on Thursday, August 8th. HC Wainwright reissued a “neutral” rating on shares of Cassava Sciences in a research note on Tuesday, August 13th.

Cassava Sciences Trading Down 11.8 %

The business has a 50 day moving average of $25.55 and a 200-day moving average of $21.69. The firm has a market capitalization of $1.35 billion, a P/E ratio of -13.48 and a beta of -0.63.

Cassava Sciences (NASDAQ:SAVA) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.57. During the same period last year, the company posted ($0.63) EPS. On average, analysts anticipate that Cassava Sciences, Inc. will post -5.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Cassava Sciences

A number of large investors have recently bought and sold shares of the company. Aristides Capital LLC acquired a new position in Cassava Sciences during the 2nd quarter worth approximately $201,000. The Manufacturers Life Insurance Company boosted its holdings in shares of Cassava Sciences by 11.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,700 shares of the company’s stock valued at $280,000 after buying an additional 2,377 shares during the last quarter. Dark Forest Capital Management LP acquired a new stake in shares of Cassava Sciences in the 2nd quarter valued at approximately $131,000. Profund Advisors LLC boosted its holdings in shares of Cassava Sciences by 4.6% in the 2nd quarter. Profund Advisors LLC now owns 13,440 shares of the company’s stock valued at $166,000 after buying an additional 591 shares during the last quarter. Finally, Ensign Peak Advisors Inc boosted its holdings in shares of Cassava Sciences by 12.7% in the 2nd quarter. Ensign Peak Advisors Inc now owns 16,396 shares of the company’s stock valued at $202,000 after buying an additional 1,850 shares during the last quarter. Institutional investors and hedge funds 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.