Cassava Sciences (NASDAQ:SAVA) Hits New 52-Week Low at $11.00

Cassava Sciences, Inc. (NASDAQ:SAVA)’s stock price reached a new 52-week low on Friday . The stock traded as low as $11.00 and last traded at $12.69, with a volume of 1617836 shares changing hands. The stock had previously closed at $18.95.

Analyst Ratings Changes

Separately, HC Wainwright increased their target price on Cassava Sciences from $124.00 to $131.00 and gave the company a “buy” rating in a research note on Friday, May 17th.

Cassava Sciences Trading Down 34.8 %

The stock has a 50-day moving average price of $20.83 and a 200 day moving average price of $22.07.

Cassava Sciences (NASDAQ:SAVA) last released its quarterly earnings results on Friday, May 10th. The company reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.90). Research analysts forecast that Cassava Sciences, Inc. will post -1.86 EPS for the current year.

Institutional Investors Weigh In On Cassava Sciences

A number of hedge funds have recently modified their holdings of SAVA. Charles Schwab Investment Management Inc. raised its position in shares of Cassava Sciences by 3.2% during the third 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 during the period. Dark Forest Capital Management LP raised its position in shares of Cassava Sciences by 10.7% during the third quarter. Dark Forest Capital Management LP now owns 10,264 shares of the company’s stock worth $171,000 after purchasing an additional 994 shares during the period. Profund Advisors LLC raised its position 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 buying an additional 4,385 shares during the last quarter. Vanguard Group Inc. raised its position in Cassava Sciences by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 2,268,566 shares of the company’s stock valued at $37,749,000 after buying an additional 18,907 shares during the last quarter. Finally, Raymond James & Associates raised its position in Cassava Sciences by 0.8% in the 4th quarter. Raymond James & Associates now owns 74,097 shares of the company’s stock valued at $1,668,000 after buying an additional 565 shares during 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.