Geode Capital Management LLC Acquires 41,289 Shares of Cassava Sciences, Inc. (NASDAQ:SAVA)

Geode Capital Management LLC grew its holdings in shares of Cassava Sciences, Inc. (NASDAQ:SAVA) by 4.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,008,593 shares of the company’s stock after acquiring an additional 41,289 shares during the period. Geode Capital Management LLC owned about 2.10% of Cassava Sciences worth $29,688,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of SAVA. International Assets Investment Management LLC bought a new stake in Cassava Sciences during the third quarter valued at about $10,610,000. Bank of New York Mellon Corp lifted its position in shares of Cassava Sciences by 18.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 140,847 shares of the company’s stock valued at $1,739,000 after buying an additional 21,558 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of Cassava Sciences during the 3rd quarter valued at approximately $605,000. SG Americas Securities LLC purchased a new stake in Cassava Sciences in the 3rd quarter worth approximately $514,000. Finally, Aristides Capital LLC purchased a new stake in Cassava Sciences in the 2nd quarter worth approximately $201,000. 38.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cassava Sciences

In other Cassava Sciences news, CFO Eric Schoen sold 59,800 shares of the business’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $3.86, for a total value of $230,828.00. Following the sale, the chief financial officer now owns 11,500 shares in the company, valued at $44,390. The trade was a 83.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 12.20% of the company’s stock.

Cassava Sciences Stock Performance

Shares of SAVA stock opened at $2.59 on Friday. The stock has a fifty day simple moving average of $15.99 and a two-hundred day simple moving average of $20.41. The firm has a market capitalization of $124.60 million, a PE ratio of -1.88 and a beta of -0.85. Cassava Sciences, Inc. has a 52-week low of $2.23 and a 52-week high of $42.20.

Cassava Sciences (NASDAQ:SAVA) last released its earnings results on Thursday, November 7th. The company reported ($0.58) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.37) by $0.79. During the same period in the previous year, the firm posted ($0.61) EPS. On average, sell-side analysts forecast that Cassava Sciences, Inc. will post -3.97 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright downgraded shares of Cassava Sciences from a “buy” rating to a “neutral” rating and set a $116.00 price target on the stock. in a report on Tuesday, November 26th.

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.