Cassava Sciences (NASDAQ:SAVA) Downgraded by HC Wainwright to “Neutral”

Cassava Sciences (NASDAQ:SAVA) was downgraded by research analysts at HC Wainwright from a “buy” rating to a “neutral” rating in a report released on Monday, MarketBeat reports.

Cassava Sciences Stock Down 2.9 %

Shares of NASDAQ:SAVA opened at $11.79 on Monday. Cassava Sciences has a 12-month low of $8.79 and a 12-month high of $32.10. The business has a 50 day moving average of $20.48 and a 200-day moving average of $21.94. The stock has a market cap of $565.68 million, a PE ratio of -5.43 and a beta of -0.57.

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

Hedge Funds Weigh In On Cassava Sciences

Hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its position in shares of Cassava Sciences by 3.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 304,721 shares of the company’s stock worth $5,071,000 after purchasing an additional 9,314 shares in the last quarter. Dark Forest Capital Management LP increased its stake in Cassava Sciences by 10.7% during the 3rd quarter. Dark Forest Capital Management LP now owns 10,264 shares of the company’s stock worth $171,000 after acquiring an additional 994 shares during the period. Profund Advisors LLC raised its holdings in Cassava Sciences by 46.7% in the 3rd quarter. Profund Advisors LLC now owns 13,783 shares of the company’s stock valued at $229,000 after acquiring an additional 4,385 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Cassava Sciences by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 2,268,566 shares of the company’s stock valued at $37,749,000 after acquiring an additional 18,907 shares during the period. Finally, Raymond James & Associates lifted 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 acquiring an additional 565 shares during the period. 38.05% of the stock is owned by institutional investors.

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.