HC Wainwright Reiterates Neutral Rating for Cassava Sciences (NASDAQ:SAVA)

Cassava Sciences (NASDAQ:SAVA)‘s stock had its “neutral” rating reiterated by analysts at HC Wainwright in a report issued on Tuesday,Benzinga reports. They presently have a $2.00 price target on the stock. HC Wainwright’s target price indicates a potential downside of 4.99% from the company’s current price.

Cassava Sciences Stock Down 24.8 %

Shares of Cassava Sciences stock traded down $0.70 on Tuesday, hitting $2.11. 5,379,810 shares of the company traded hands, compared to its average volume of 1,868,111. Cassava Sciences has a 12-month low of $2.12 and a 12-month high of $42.20. The company has a market cap of $101.69 million, a PE ratio of -1.53 and a beta of -1.24. The company has a 50-day moving average price of $2.56 and a 200 day moving average price of $12.50.

Cassava Sciences (NASDAQ:SAVA) last posted its quarterly earnings results on Monday, March 3rd. The company reported ($0.57) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.11. Equities research analysts anticipate that Cassava Sciences will post -3.97 EPS for the current year.

Institutional Trading of Cassava Sciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its stake in shares of Cassava Sciences by 4.3% in the third quarter. Geode Capital Management LLC now owns 1,008,593 shares of the company’s stock worth $29,688,000 after acquiring an additional 41,289 shares during the last quarter. Two Sigma Advisers LP bought a new position in shares of Cassava Sciences during the 4th quarter worth about $1,432,000. Two Sigma Investments LP increased its stake in Cassava Sciences by 679.1% during the fourth quarter. Two Sigma Investments LP now owns 562,082 shares of the company’s stock valued at $1,327,000 after acquiring an additional 489,936 shares during the period. Northern Trust Corp boosted its stake in Cassava Sciences by 2.7% during the fourth quarter. Northern Trust Corp now owns 406,562 shares of the company’s stock worth $959,000 after buying an additional 10,782 shares in the last quarter. Finally, Tidal Investments LLC acquired a new position in shares of Cassava Sciences in the 3rd quarter valued at $11,036,000. Institutional investors and hedge funds own 38.05% of the company’s stock.

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.