Cassava Sciences (NASDAQ:SAVA) Trading Down 6.6%

Cassava Sciences, Inc. (NASDAQ:SAVA) fell 6.6% during trading on Friday . The company traded as low as $27.18 and last traded at $27.52. 512,464 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 1,691,563 shares. The stock had previously closed at $29.45.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. HC Wainwright reiterated a “neutral” rating on shares of Cassava Sciences in a report on Tuesday, August 13th. Rodman & Renshaw reiterated a “buy” rating and issued a $107.00 target price on shares of Cassava Sciences in a research note on Thursday, August 8th.

Cassava Sciences Stock Performance

The firm has a market capitalization of $1.29 billion, a PE ratio of -12.84 and a beta of -0.63. The company’s 50 day simple moving average is $20.68 and its 200-day simple moving average is $21.03.

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

Institutional Investors Weigh In On Cassava Sciences

Hedge funds and other institutional investors have recently modified their holdings of the stock. Northwest Financial Advisors purchased a new stake in shares of Cassava Sciences in the 4th quarter worth about $25,000. Benjamin F. Edwards & Company Inc. grew its stake in shares of Cassava Sciences by 653.6% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 1,153 shares of the company’s stock worth $26,000 after buying an additional 1,000 shares during the last quarter. EntryPoint Capital LLC boosted its stake in Cassava Sciences by 1,251.2% in the 1st quarter. EntryPoint Capital LLC now owns 2,297 shares of the company’s stock worth $47,000 after purchasing an additional 2,127 shares in the last quarter. Quest Partners LLC bought a new position in shares of Cassava Sciences in the fourth quarter worth approximately $118,000. Finally, Dark Forest Capital Management LP purchased a new position in shares of Cassava Sciences in the second quarter worth $131,000. 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.