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

Cassava Sciences, Inc. (NASDAQ:SAVA) was the recipient of a large drop in short interest during the month of March. As of March 15th, there was short interest totalling 11,880,000 shares, a drop of 17.8% from the February 28th total of 14,450,000 shares. Based on an average daily trading volume, of 2,270,000 shares, the days-to-cover ratio is presently 5.2 days. Approximately 27.1% of the shares of the company are sold short.

Institutional Investors Weigh In On Cassava Sciences

Several hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets raised its holdings in Cassava Sciences by 150.1% during the third quarter. BNP Paribas Financial Markets now owns 8,748 shares of the company’s stock valued at $257,000 after buying an additional 5,250 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new stake in shares of Cassava Sciences during the 4th quarter worth about $26,000. CANADA LIFE ASSURANCE Co increased its holdings in Cassava Sciences by 198.4% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 11,380 shares of the company’s stock valued at $27,000 after purchasing an additional 7,566 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of Cassava Sciences in the fourth quarter valued at about $27,000. Finally, Johnson Investment Counsel Inc. grew its stake in shares of Cassava Sciences by 71.4% during the fourth quarter. Johnson Investment Counsel Inc. now owns 12,000 shares of the company’s stock valued at $28,000 after purchasing an additional 5,000 shares during the last quarter. Hedge funds and other institutional investors own 38.05% of the company’s stock.

Analyst Ratings Changes

Separately, HC Wainwright reissued a “neutral” rating and set a $2.00 target price on shares of Cassava Sciences in a research note on Tuesday, March 25th.

Cassava Sciences Trading Up 0.7 %

Shares of Cassava Sciences stock traded up $0.01 during trading hours on Wednesday, reaching $1.39. The stock had a trading volume of 907,089 shares, compared to its average volume of 2,960,194. Cassava Sciences has a 1 year low of $1.35 and a 1 year high of $42.20. The firm has a market capitalization of $67.15 million, a price-to-earnings ratio of -1.01 and a beta of -1.24. The firm has a 50 day simple moving average of $2.44 and a two-hundred day simple moving average of $11.41.

Cassava Sciences (NASDAQ:SAVA) last posted its quarterly earnings results on Monday, March 3rd. The company reported ($0.57) EPS for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.11. Sell-side analysts forecast that Cassava Sciences will post -3.97 EPS 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.