Cassava Sciences (NASDAQ:SAVA) Stock Price Down 0.6% - Should You Sell?

Key Points

• Shares fell 0.6% to $1.69 on Thursday with light trading (260,005 shares vs. an average 1.43M), a market cap of $81.6M, and the stock trading below its 50- and 200-day moving averages ($2.01 and $2.53).
• Analysts currently give Cassava an average rating of "Sell" (Weiss reiterated a sell), though some coverage claims large upside while a few firms have moved to a more cautious "hold."
• Cassava is a clinical-stage Alzheimer’s biotech whose lead candidate, simufilam, targets filamin A; the company reported Q (EPS) of -$0.26 (beating estimates) and analysts expect a -3.97 EPS for the fiscal year.

Shares of Cassava Sciences, Inc. (NASDAQ:SAVA - Get Free Report) fell 0.6% during trading on Thursday . The stock traded as low as $1.68 and last traded at $1.69. 260,005 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 1,433,119 shares. The stock had previously closed at $1.70.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SAVA. Weiss Ratings restated a "sell (e+)" rating on shares of Cassava Sciences in a report on Friday, December 26th. Wall Street Zen upgraded shares of Cassava Sciences from a "sell" rating to a "hold" rating in a report on Sunday, March 8th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has an average rating of "Sell".

Cassava Sciences Trading Down 0.6%

The company has a market capitalization of $81.64 million, a price-to-earnings ratio of -0.77 and a beta of -0.85. The stock's fifty day simple moving average is $2.01 and its 200-day simple moving average is $2.53.

Cassava Sciences (NASDAQ:SAVA - Get Free Report) last released its earnings results on Thursday, March 12th. The company reported ($0.26) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.30) by $0.04. On average, analysts anticipate that Cassava Sciences, Inc. will post -3.97 EPS for the current fiscal year.

Institutional Investors Weigh In On Cassava Sciences

A number of hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd lifted its holdings in Cassava Sciences by 465.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 13,606 shares of the company's stock worth $27,000 after buying an additional 11,200 shares in the last quarter. Virtu Financial LLC acquired a new stake in Cassava Sciences during the 4th quarter worth approximately $97,000. Invesco Ltd. acquired a new stake in Cassava Sciences during the 4th quarter worth approximately $36,000. Engineers Gate Manager LP raised its holdings in shares of Cassava Sciences by 121.1% in the 4th quarter. Engineers Gate Manager LP now owns 31,654 shares of the company's stock valued at $63,000 after purchasing an additional 17,335 shares in the last quarter. Finally, Jump Financial LLC acquired a new stake in shares of Cassava Sciences in the 4th quarter valued at $181,000. 38.05% of the stock is currently owned by institutional investors and hedge funds.

About Cassava Sciences

Cassava Sciences, Inc is a clinical-stage biopharmaceutical company focused on the development of novel therapies and diagnostics for Alzheimer's disease and related neurodegenerative disorders. Headquartered in Austin, Texas, the company was originally founded as Pain Therapeutics in 1998 and rebranded to Cassava Sciences in 2017. Cassava's research program centers on small molecules designed to address underlying mechanisms of neurodegeneration rather than solely targeting amyloid plaques or tau tangles.

The company's lead drug candidate, simufilam (formerly PTI-125), is a proprietary small molecule that aims to restore normal shape and function to the scaffolding protein filamin A, which has been implicated in impaired neuronal signaling and inflammation in Alzheimer's patients.

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