Essex LLC Sells 11,222 Shares of Cassava Sciences, Inc. (NASDAQ:SAVA)

Essex LLC lowered its stake in shares of Cassava Sciences, Inc. (NASDAQ:SAVA) by 16.1% during the fourth quarter, Holdings Channel reports. The fund owned 58,552 shares of the company’s stock after selling 11,222 shares during the period. Essex LLC’s holdings in Cassava Sciences were worth $138,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SAVA. Apollon Wealth Management LLC acquired a new stake in shares of Cassava Sciences in the 4th quarter valued at $73,000. Catalina Capital Group LLC bought a new position in Cassava Sciences in the fourth quarter valued at about $32,000. Tidal Investments LLC acquired a new stake in Cassava Sciences in the third quarter worth about $11,036,000. Geode Capital Management LLC raised its holdings in Cassava Sciences by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,008,593 shares of the company’s stock worth $29,688,000 after purchasing an additional 41,289 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new position in Cassava Sciences during the 3rd quarter valued at about $605,000. Institutional investors and hedge funds own 38.05% of the company’s stock.

Analyst Ratings Changes

Separately, HC Wainwright downgraded shares of Cassava Sciences from a “buy” rating to a “neutral” rating and set a $116.00 price target for the company. in a research note on Tuesday, November 26th.

Insider Activity

In related news, CFO Eric Schoen sold 59,800 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $3.86, for a total transaction of $230,828.00. Following the completion of the transaction, the chief financial officer now owns 11,500 shares in the company, valued at approximately $44,390. The trade was a 83.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 9.00% of the stock is currently owned by company insiders.

Cassava Sciences Stock Down 3.0 %

SAVA stock opened at $2.27 on Monday. Cassava Sciences, Inc. has a twelve month low of $2.23 and a twelve month high of $42.20. The company has a market cap of $109.21 million, a P/E ratio of -1.64 and a beta of -0.95. The business’s fifty day moving average is $2.64 and its 200-day moving average is $17.66.

Cassava Sciences (NASDAQ:SAVA) last released its earnings results on Thursday, November 7th. The company reported ($0.58) earnings per share for the quarter, beating the consensus estimate of ($1.37) by $0.79. During the same period last year, the business posted ($0.61) earnings per share. Research analysts anticipate that Cassava Sciences, Inc. will post -3.97 earnings per share for the current fiscal year.

Cassava Sciences Company Profile

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.