HC Wainwright Reaffirms “Neutral” Rating for Cassava Sciences (NASDAQ:SAVA)

HC Wainwright reissued their neutral rating on shares of Cassava Sciences (NASDAQ:SAVA) in a report published on Tuesday morning,Benzinga reports.

Cassava Sciences Price Performance

SAVA stock opened at $2.82 on Tuesday. The business has a 50 day simple moving average of $2.55 and a 200-day simple moving average of $14.95. The firm has a market capitalization of $135.67 million, a PE ratio of -2.04 and a beta of -1.24. Cassava Sciences has a 1 year low of $2.23 and a 1 year high of $42.20.

Cassava Sciences (NASDAQ:SAVA) last posted its quarterly earnings results on Monday, March 3rd. The company reported ($0.57) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.11. On average, equities research analysts expect that Cassava Sciences will post -3.97 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SAVA. Creative Planning purchased a new position in Cassava Sciences in the third quarter worth approximately $201,000. KBC Group NV purchased a new position in Cassava Sciences in the third quarter worth approximately $57,000. Quest Partners LLC grew its position in 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. Intech Investment Management LLC purchased a new position in Cassava Sciences in the third quarter worth approximately $373,000. Finally, Charles Schwab Investment Management Inc. grew its position in Cassava Sciences by 3.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 361,797 shares of the company’s stock worth $10,648,000 after acquiring an additional 10,429 shares during the period. 38.05% of the stock is currently owned by hedge funds and other institutional investors.

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.