Franklin Resources Inc. Sells 10,278 Shares of Cassava Sciences, Inc. (NASDAQ:SAVA)

Franklin Resources Inc. decreased its position in shares of Cassava Sciences, Inc. (NASDAQ:SAVA) by 47.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,600 shares of the company’s stock after selling 10,278 shares during the period. Franklin Resources Inc.’s holdings in Cassava Sciences were worth $319,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Arizona State Retirement System raised its position in shares of Cassava Sciences by 4.2% during the 2nd quarter. Arizona State Retirement System now owns 11,495 shares of the company’s stock valued at $142,000 after purchasing an additional 468 shares during the period. Profund Advisors LLC increased its stake in Cassava Sciences by 4.6% in the 2nd quarter. Profund Advisors LLC now owns 13,440 shares of the company’s stock worth $166,000 after buying an additional 591 shares in the last quarter. PFG Investments LLC raised its holdings in Cassava Sciences by 4.6% during the second quarter. PFG Investments LLC now owns 22,880 shares of the company’s stock valued at $283,000 after acquiring an additional 1,000 shares during the period. Quest Partners LLC boosted its stake in shares of Cassava Sciences by 117.8% in the third quarter. Quest Partners LLC now owns 1,997 shares of the company’s stock worth $59,000 after acquiring an additional 1,080 shares during the period. Finally, Ensign Peak Advisors Inc boosted its stake in shares of Cassava Sciences by 12.7% in the second quarter. Ensign Peak Advisors Inc now owns 16,396 shares of the company’s stock worth $202,000 after acquiring an additional 1,850 shares during the period. Hedge funds and other institutional investors own 38.05% of the company’s stock.

Cassava Sciences Stock Performance

SAVA opened at $2.36 on Thursday. The stock has a market capitalization of $113.54 million, a price-to-earnings ratio of -1.71 and a beta of -0.86. The company has a fifty day moving average of $13.35 and a 200 day moving average of $19.82. Cassava Sciences, Inc. has a fifty-two week low of $2.23 and a fifty-two week high of $42.20.

Cassava Sciences (NASDAQ:SAVA) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.58) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.37) by $0.79. During the same period in the previous year, the business posted ($0.61) EPS. On average, equities research analysts forecast that Cassava Sciences, Inc. will post -3.97 earnings per share for the current year.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Cassava Sciences

In other Cassava Sciences news, CFO Eric Schoen sold 59,800 shares of the stock in a transaction on Friday, November 29th. The shares were sold at an average price of $3.86, for a total transaction of $230,828.00. Following the completion of the transaction, the chief financial officer now owns 11,500 shares in the company, valued at $44,390. This trade represents a 83.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 9.00% of the stock is currently owned by company insiders.

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.