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

Cassava Sciences, Inc. (NASDAQ:SAVA) saw a significant decrease in short interest in the month of March. As of March 15th, there was short interest totalling 11,880,000 shares, a decrease 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 short-interest ratio is presently 5.2 days. Approximately 27.1% of the company’s stock are short sold.

Cassava Sciences Price Performance

SAVA traded down $0.11 during trading hours on Tuesday, reaching $1.40. 957,690 shares of the stock traded hands, compared to its average volume of 2,955,421. Cassava Sciences has a fifty-two week low of $1.39 and a fifty-two week high of $42.20. The company has a market cap of $67.39 million, a price-to-earnings ratio of -1.01 and a beta of -1.24. The firm’s fifty day simple moving average is $2.46 and its two-hundred day simple moving average is $11.60.

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

Analyst Ratings Changes

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

Institutional Investors Weigh In On Cassava Sciences

A number of hedge funds have recently bought and sold shares of SAVA. Two Sigma Advisers LP bought a new stake in shares of Cassava Sciences in the fourth quarter worth $1,432,000. Two Sigma Investments LP grew its holdings in Cassava Sciences by 679.1% during the 4th quarter. Two Sigma Investments LP now owns 562,082 shares of the company’s stock worth $1,327,000 after acquiring an additional 489,936 shares in the last quarter. Tidal Investments LLC bought a new stake in shares of Cassava Sciences in the 3rd quarter worth about $11,036,000. MYDA Advisors LLC bought a new stake in shares of Cassava Sciences in the 4th quarter worth about $400,000. Finally, XTX Topco Ltd acquired a new stake in shares of Cassava Sciences in the 4th quarter valued at about $220,000. Institutional investors and hedge funds own 38.05% of the company’s stock.

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.