Cassava Sciences (NASDAQ:SAVA) Shares Gap Down to $12.35

Cassava Sciences, Inc. (NASDAQ:SAVA) gapped down prior to trading on Monday . The stock had previously closed at $12.35, but opened at $10.64. Cassava Sciences shares last traded at $11.29, with a volume of 4,045,390 shares.

Analyst Ratings Changes

Separately, HC Wainwright cut shares of Cassava Sciences from a “buy” rating to a “neutral” rating in a report on Monday.

Cassava Sciences Stock Down 2.9 %

The stock’s fifty day simple moving average is $20.48 and its 200-day simple moving average is $21.94.

Cassava Sciences (NASDAQ:SAVA) last issued its earnings results on Friday, May 10th. The company reported ($1.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.51) by ($0.90). As a group, sell-side analysts expect that Cassava Sciences, Inc. will post -1.86 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Northwest Financial Advisors purchased a new position in shares of Cassava Sciences during the fourth quarter worth $25,000. Benjamin F. Edwards & Company Inc. grew its position in Cassava Sciences by 653.6% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 1,153 shares of the company’s stock valued at $26,000 after buying an additional 1,000 shares during the period. EntryPoint Capital LLC grew its position in Cassava Sciences by 1,251.2% during the first quarter. EntryPoint Capital LLC now owns 2,297 shares of the company’s stock valued at $47,000 after buying an additional 2,127 shares during the period. Byrne Asset Management LLC grew its position in Cassava Sciences by 32.9% during the fourth quarter. Byrne Asset Management LLC now owns 3,350 shares of the company’s stock valued at $75,000 after buying an additional 830 shares during the period. Finally, Quest Partners LLC acquired a new stake in Cassava Sciences during the fourth quarter valued at $118,000. Hedge funds and other institutional investors 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.