Short Interest in Cassava Sciences, Inc. (NASDAQ:SAVA) Drops By 17.8%

Cassava Sciences, Inc. (NASDAQ:SAVA - Get Free Report) saw a significant decrease in short interest in March. As of March 15th, there was short interest totalling 11,880,000 shares, a decrease of 17.8% from the February 28th total of 14,450,000 shares. Approximately 27.1% of the company's stock are short sold. Based on an average daily volume of 2,270,000 shares, the short-interest ratio is currently 5.2 days.

Cassava Sciences Stock Performance

Shares of NASDAQ SAVA traded up $0.03 during mid-day trading on Friday, reaching $1.30. The company had a trading volume of 1,555,534 shares, compared to its average volume of 2,986,106. The stock has a fifty day moving average of $2.36 and a two-hundred day moving average of $10.94. Cassava Sciences has a 12-month low of $1.17 and a 12-month high of $42.20. The company has a market capitalization of $62.80 million, a price-to-earnings ratio of -0.94 and a beta of -1.48.

Cassava Sciences (NASDAQ:SAVA - Get Free Report) last posted its quarterly earnings results on Monday, March 3rd. The company reported ($0.57) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.11. Sell-side analysts forecast that Cassava Sciences will post -3.97 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cassava Sciences

Hedge funds and other institutional investors have recently made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Cassava Sciences by 23.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 75,084 shares of the company's stock valued at $177,000 after buying an additional 14,190 shares during the last quarter. Two Sigma Advisers LP bought a new position in shares of Cassava Sciences during the 4th quarter valued at $1,432,000. Two Sigma Investments LP boosted its holdings in Cassava Sciences by 679.1% in the fourth quarter. Two Sigma Investments LP now owns 562,082 shares of the company's stock worth $1,327,000 after purchasing an additional 489,936 shares in the last quarter. Sherbrooke Park Advisers LLC acquired a new position in Cassava Sciences during the fourth quarter worth $117,000. Finally, Ensign Peak Advisors Inc lifted its position in shares of Cassava Sciences by 122.6% in the fourth quarter. Ensign Peak Advisors Inc now owns 36,496 shares of the company's stock worth $86,000 after buying an additional 20,100 shares during the last quarter. 38.05% of the stock is owned by hedge funds and other institutional investors.

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Analyst Ratings Changes

Separately, HC Wainwright reiterated a "neutral" rating and set a $2.00 price target on shares of Cassava Sciences in a report on Tuesday, March 25th.

Cassava Sciences Company Profile

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.