Short Interest in Cassava Sciences, Inc. (NASDAQ:SAVA) Drops By 17.8%

Cassava Sciences, Inc. (NASDAQ:SAVA) saw a significant decline in short interest in March. As of March 15th, there was short interest totalling 11,880,000 shares, a decline of 17.8% from the February 28th total of 14,450,000 shares. Based on an average daily volume of 2,270,000 shares, the short-interest ratio is presently 5.2 days. Currently, 27.1% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reaffirmed a “neutral” rating and issued a $2.00 target price on shares of Cassava Sciences in a report on Tuesday, March 25th.

Institutional Investors Weigh In On Cassava Sciences

Several hedge funds have recently added to or reduced their stakes in SAVA. Geode Capital Management LLC boosted its holdings in shares of Cassava Sciences by 4.3% in the third quarter. Geode Capital Management LLC now owns 1,008,593 shares of the company’s stock worth $29,688,000 after buying an additional 41,289 shares during the last quarter. Two Sigma Advisers LP purchased a new stake in Cassava Sciences during the 4th quarter valued at $1,432,000. Two Sigma Investments LP grew its stake in shares of Cassava Sciences by 679.1% during the fourth quarter. Two Sigma Investments LP now owns 562,082 shares of the company’s stock valued at $1,327,000 after buying an additional 489,936 shares during the last quarter. Northern Trust Corp lifted its holdings in Cassava Sciences by 2.7% during the 4th quarter. Northern Trust Corp now owns 406,562 shares of the company’s stock valued at $959,000 after buying an additional 10,782 shares in the last quarter. Finally, Tidal Investments LLC purchased a new stake in shares of Cassava Sciences in the 3rd quarter worth $11,036,000. 38.05% of the stock is owned by institutional investors.

Cassava Sciences Stock Up 0.7 %

NASDAQ:SAVA traded up $0.01 during trading hours on Wednesday, reaching $1.39. The company had a trading volume of 907,089 shares, compared to its average volume of 2,960,194. The firm has a market cap of $67.15 million, a price-to-earnings ratio of -1.01 and a beta of -1.24. Cassava Sciences has a twelve month low of $1.35 and a twelve month high of $42.20. The business’s 50-day simple moving average is $2.44 and its two-hundred day simple moving average is $11.41.

Cassava Sciences (NASDAQ:SAVA) last released its quarterly earnings data on Monday, March 3rd. The company reported ($0.57) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.11. As a group, equities analysts predict that Cassava Sciences will post -3.97 earnings per share for the current year.

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.