Cassava Sciences (NASDAQ:SAVA) Stock Price Down 3.8%

Cassava Sciences, Inc. (NASDAQ:SAVA)’s stock price was down 3.8% during mid-day trading on Wednesday . The stock traded as low as $29.63 and last traded at $30.12. Approximately 984,069 shares changed hands during trading, a decline of 42% from the average daily volume of 1,690,718 shares. The stock had previously closed at $31.30.

Analyst Ratings Changes

SAVA has been the subject of several recent research reports. Rodman & Renshaw reiterated a “buy” rating and set a $107.00 target price on shares of Cassava Sciences in a research report on Thursday, August 8th. HC Wainwright reiterated a “neutral” rating on shares of Cassava Sciences in a research report on Tuesday, August 13th.

Cassava Sciences Stock Performance

The firm’s 50-day simple moving average is $24.15 and its 200 day simple moving average is $21.43. The company has a market cap of $1.46 billion, a P/E ratio of -13.99 and a beta of -0.63.

Cassava Sciences (NASDAQ:SAVA) last issued its earnings results on Thursday, August 8th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of ($0.44) by $0.57. During the same quarter in the prior year, the firm posted ($0.63) EPS. As a group, research analysts forecast that Cassava Sciences, Inc. will post -5.7 earnings per share for the current year.

Institutional Trading of Cassava Sciences

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Cassava Sciences by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 2,356,480 shares of the company’s stock valued at $47,813,000 after buying an additional 31,854 shares in the last quarter. Gallacher Capital Management LLC increased its position in shares of Cassava Sciences by 0.6% in the 1st quarter. Gallacher Capital Management LLC now owns 585,381 shares of the company’s stock valued at $11,877,000 after buying an additional 3,775 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Cassava Sciences by 1.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 308,836 shares of the company’s stock worth $6,952,000 after purchasing an additional 4,115 shares in the last quarter. Clear Creek Financial Management LLC raised its stake in shares of Cassava Sciences by 5.1% in the 2nd quarter. Clear Creek Financial Management LLC now owns 145,550 shares of the company’s stock valued at $1,798,000 after purchasing an additional 7,025 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Cassava Sciences by 18.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 140,847 shares of the company’s stock valued at $1,739,000 after purchasing an additional 21,558 shares during the period. 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.