Cassava Sciences Inc. (SAVA), a clinical-stage biotechnology company, recently saw major changes in its shareholdings. Formerly known as Pain Therapeutics, it was founded in May 1998, with headquarters in Austin, Texas. They develop drugs intended for neurodegenerative diseases. Extensively focuses on developing product candidates for the treatment of Alzheimer’s disease.
Major Shareholding Alterations at Cassava Sciences
As per the recent SEC filings, Nuveen Asset Management LLC corrected its position by 33.5% in the third quarter. The fund now owns 154,315 shares after selling 5,526 shares. Previously they owned 0.39% of Cassava Sciences worth $6,453,000. Data from the filing also suggest alteration by other institutional investors.
SOA Wealth Advisor LLC increased its holdings in Cassava by 679.5% in Q3; they now have 608 shares after purchasing another 530 shares. Allspring Global Investment Holdings LLC also bought a new position in the company worth $25,000. Captrust Financial Advisors increased their position by 484.7% in Q1; they now own 877 shares valued at $33,000 and acquired 727 more.
Exchange Traded Concepts LLC, during Q3, purchased a new position worth $35,000. While in the second quarter, Federated Hermes Inc. bought a new position at Cassava Sciences, valued at $43,000. Overall, institutional investors and hedge funds own 25.51% of the company stocks.
Cassava Sciences (SAVA) – Price Exploration
When writing, SAVA was trading at $26.05 with a gain of 0.15%; previous close and open were at $26.01 and $25.51, respectively. The 52-week change was negative, 33.43%. The market cap remains steady at $1.087 billion, while the volume was 605,522 shares, and the average volume was around 1.38 million shares. The future price is $54.33 with an upside of 108.6%.
The analyst rating for HOLD is 2.00; short interest seems bearish, with 28.69% float sold short. Operating Expenses dropped by 19.92% to $3.29 million, and net income also dropped by 35.01% to negative 19.13 million. Earnings per share (EPS) dropped 34.29% to negative $0.47. The return on assets was negative 19.94%, while the return on equity was also negative 31.67%.
Cassava Sciences (SAVA) – Chart Examination
The current price is moving below the moving average and below the downward-sloping short-term trend line, denoting a weaker sentiment. While the immediate support line stands at the $23.64 mark, it can be supposed that the market will consolidate if it doesn’t go below the mark. After that, it shall be stopped by the demand zone.
It could reach the supply zone if the price beats the moving average and the trend line while going up. However, a clean upward breakthrough is debatable.
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Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/03/16/cassava-sciences-sava-can-pharma-company-boost-own-financials/