Franklin Resources Inc. Reduces Stock Holdings in Cassava Sciences, Inc. (NASDAQ:SAVA)

Franklin Resources Inc. lessened its stake in shares of Cassava Sciences, Inc. (NASDAQ:SAVA) by 47.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 11,600 shares of the company’s stock after selling 10,278 shares during the period. Franklin Resources Inc.’s holdings in Cassava Sciences were worth $319,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of SAVA. Bank of New York Mellon Corp grew its holdings in Cassava Sciences by 18.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 140,847 shares of the company’s stock valued at $1,739,000 after purchasing an additional 21,558 shares during the last quarter. Commonwealth Equity Services LLC boosted its position in shares of Cassava Sciences by 7.5% during the second quarter. Commonwealth Equity Services LLC now owns 48,451 shares of the company’s stock valued at $598,000 after buying an additional 3,384 shares during the period. Rhumbline Advisers grew its stake in shares of Cassava Sciences by 4.1% during the second quarter. Rhumbline Advisers now owns 59,259 shares of the company’s stock valued at $732,000 after buying an additional 2,322 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Cassava Sciences by 4.2% in the second quarter. Arizona State Retirement System now owns 11,495 shares of the company’s stock worth $142,000 after buying an additional 468 shares during the period. Finally, PFG Investments LLC lifted its stake in shares of Cassava Sciences by 4.6% during the 2nd quarter. PFG Investments LLC now owns 22,880 shares of the company’s stock worth $283,000 after acquiring an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 38.05% of the company’s stock.

Cassava Sciences Price Performance

Cassava Sciences stock opened at $2.36 on Thursday. The stock has a market cap of $113.54 million, a price-to-earnings ratio of -1.71 and a beta of -0.86. The firm has a 50-day moving average of $13.35 and a two-hundred day moving average of $19.82. Cassava Sciences, Inc. has a 1 year low of $2.23 and a 1 year high of $42.20.

Cassava Sciences (NASDAQ:SAVA) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.58) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.37) by $0.79. During the same period in the prior year, the firm posted ($0.61) earnings per share. Research analysts expect that Cassava Sciences, Inc. will post -3.97 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Cassava Sciences

In other news, CFO Eric Schoen sold 59,800 shares of the 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 transaction, the chief financial officer now directly owns 11,500 shares in the company, valued at approximately $44,390. This trade represents a 83.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 9.00% of the company’s stock.

Cassava Sciences 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.