Cassava Sciences (NASDAQ:SAVA) Price Target Lowered to $28.00 at B. Riley

Cassava Sciences (NASDAQ:SAVA – Get Rating) had its price objective reduced by B. Riley from $44.00 to $28.00 in a note issued to investors on Wednesday, The Fly reports. B. Riley’s price objective suggests a potential downside of 4.89% from the stock’s previous close.

Several other equities analysts also recently weighed in on SAVA. HC Wainwright restated a “buy” rating and set a $124.00 price target on shares of Cassava Sciences in a report on Tuesday. Univest Sec reduced their price target on Cassava Sciences from $12.00 to $11.00 in a report on Tuesday, November 29th.

Cassava Sciences Trading Down 19.2 %

SAVA opened at $29.44 on Wednesday. The stock has a fifty day simple moving average of $34.06 and a two-hundred day simple moving average of $31.70. The company has a market cap of $1.18 billion, a price-to-earnings ratio of -16.54 and a beta of 0.14. Cassava Sciences has a 12-month low of $13.84 and a 12-month high of $62.49.

Cassava Sciences (NASDAQ:SAVA – Get Rating) last posted its quarterly earnings data on Monday, November 7th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.04). On average, analysts predict that Cassava Sciences will post -2 EPS for the current year.

Hedge Funds Weigh In On Cassava Sciences

Institutional investors and hedge funds have recently modified their holdings of the stock. Clear Creek Financial Management LLC increased its holdings in Cassava Sciences by 323.6% in the 4th quarter. Clear Creek Financial Management LLC now owns 67,270 shares of the company’s stock worth $1,987,000 after buying an additional 51,390 shares in the last quarter. IVC Wealth Advisors LLC increased its holdings in Cassava Sciences by 3.3% in the 4th quarter. IVC Wealth Advisors LLC now owns 15,298 shares of the company’s stock worth $452,000 after buying an additional 483 shares in the last quarter. Hennion & Walsh Asset Management Inc. bought a new stake in Cassava Sciences in the 4th quarter worth about $496,000. Bank of New York Mellon Corp increased its holdings in Cassava Sciences by 10.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 128,794 shares of the company’s stock worth $5,386,000 after buying an additional 12,408 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. bought a new stake in Cassava Sciences in the 3rd quarter worth about $205,000. 25.51% of the stock is currently owned by institutional investors.

About Cassava Sciences

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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 2b clinical trial; and investigational diagnostic product candidate is SavaDx, a blood-based biomarker/diagnostic to detect Alzheimer's disease.