Cassava Sciences (NASDAQ:SAVA) Shares Gap Down - Time to Sell?

Shares of Cassava Sciences, Inc. (NASDAQ:SAVA - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $32.18, but opened at $31.36. Cassava Sciences shares last traded at $26.66, with a volume of 2,590,834 shares trading hands.

Analyst Ratings Changes

A number of research firms have recently issued reports on SAVA. HC Wainwright reaffirmed a "buy" rating and set a $116.00 target price on shares of Cassava Sciences in a report on Friday, November 8th. Rodman & Renshaw reiterated a "buy" rating and issued a $107.00 price objective on shares of Cassava Sciences in a report on Thursday, August 8th.

Cassava Sciences Trading Down 17.7 %

The company has a market capitalization of $1.27 billion, a PE ratio of -19.19 and a beta of -0.59. The company has a fifty day simple moving average of $27.55 and a 200-day simple moving average of $23.38.

Cassava Sciences (NASDAQ:SAVA - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.58) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.37) by $0.79. During the same quarter in the previous year, the business posted ($0.61) earnings per share. On average, equities analysts predict that Cassava Sciences, Inc. will post -3.63 EPS for the current fiscal year.

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Institutional Trading of Cassava Sciences

A number of hedge funds and other institutional investors have recently made changes to their positions in SAVA. Geode Capital Management LLC raised its holdings in Cassava Sciences by 4.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,008,593 shares of the company's stock valued at $29,688,000 after buying an additional 41,289 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of Cassava Sciences during the third quarter valued at about $10,610,000. Vanguard Group Inc. raised its stake in shares of Cassava Sciences by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 2,356,480 shares of the company's stock valued at $47,813,000 after acquiring an additional 31,854 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Cassava Sciences by 18.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 140,847 shares of the company's stock worth $1,739,000 after acquiring an additional 21,558 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new position in shares of Cassava Sciences during the 3rd quarter worth approximately $605,000. Institutional investors and hedge funds 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.