Cassava Sciences (NASDAQ:SAVA) Trading Down 5.8% - Should You Sell?

Cassava Sciences, Inc. (NASDAQ:SAVA - Get Free Report) fell 5.8% during trading on Tuesday . The stock traded as low as $24.32 and last traded at $24.34. Approximately 1,186,423 shares traded hands during mid-day trading, a decline of 30% from the average session volume of 1,704,178 shares. The stock had previously closed at $25.84.

Wall Street Analysts Forecast Growth

SAVA has been the topic of several recent research reports. Rodman & Renshaw reiterated a "buy" rating and issued a $107.00 price target on shares of Cassava Sciences in a report on Thursday, August 8th. HC Wainwright raised Cassava Sciences from a "neutral" rating to a "buy" rating and set a $116.00 target price for the company in a research note on Tuesday, October 8th.

Cassava Sciences Stock Down 7.4 %

The company has a market capitalization of $1.15 billion, a P/E ratio of -16.86 and a beta of -0.59. The business has a fifty day moving average price of $27.92 and a 200 day moving average price of $22.89.

Cassava Sciences (NASDAQ:SAVA - Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, topping 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, equities analysts forecast that Cassava Sciences, Inc. will post -5.7 earnings per share for the current year.

Hedge Funds Weigh In On Cassava Sciences

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Commonwealth Equity Services LLC grew its position in shares of Cassava Sciences by 6.9% during the 1st quarter. Commonwealth Equity Services LLC now owns 45,067 shares of the company's stock worth $914,000 after buying an additional 2,921 shares during the period. BNP Paribas Financial Markets increased its holdings in Cassava Sciences by 9.4% during the 1st quarter. BNP Paribas Financial Markets now owns 20,885 shares of the company's stock worth $424,000 after purchasing an additional 1,786 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Cassava Sciences by 3.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 14,690 shares of the company's stock worth $298,000 after purchasing an additional 506 shares during the last quarter. Essex LLC increased its stake in shares of Cassava Sciences by 45.7% in the first quarter. Essex LLC now owns 50,674 shares of the company's stock worth $1,028,000 after purchasing an additional 15,900 shares in the last quarter. Finally, Gallacher Capital Management LLC grew its stake in 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. 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.

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