Cassava Sciences (NASDAQ:SAVA) Sees Large Volume Increase

Cassava Sciences, Inc. (NASDAQ:SAVA) saw strong trading volume on Tuesday . 382,939 shares traded hands during trading, a decline of 60% from the previous session’s volume of 965,461 shares.The stock last traded at $11.58 and had previously closed at $12.14.

Wall Street Analysts Forecast Growth

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

Cassava Sciences Trading Down 8.7 %

The firm’s 50 day moving average price is $20.29 and its two-hundred day moving average price is $21.87.

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

Institutional Investors Weigh In On Cassava Sciences

Several hedge funds have recently made changes to their positions in the business. Janney Montgomery Scott LLC boosted its stake in shares of Cassava Sciences by 3.6% during the first quarter. Janney Montgomery Scott LLC now owns 14,690 shares of the company’s stock worth $298,000 after buying an additional 506 shares during the period. Raymond James & Associates boosted its holdings 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 purchasing an additional 565 shares in the last quarter. NBC Securities Inc. boosted its holdings in Cassava Sciences by 9.3% in the 1st quarter. NBC Securities Inc. now owns 7,650 shares of the company’s stock valued at $155,000 after purchasing an additional 650 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its holdings in Cassava Sciences by 5.7% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 12,149 shares of the company’s stock valued at $247,000 after purchasing an additional 650 shares in the last quarter. Finally, Byrne Asset Management LLC boosted its holdings in Cassava Sciences by 32.9% in the 4th quarter. Byrne Asset Management LLC now owns 3,350 shares of the company’s stock valued at $75,000 after purchasing an additional 830 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.