Franklin Resources Inc. Reduces Stake in Cassava Sciences, Inc.

Franklin Resources Inc. has reduced its investment in Cassava Sciences, Inc. (NASDAQ:SAVA) by 47.0% during the third quarter, as revealed in its latest 13F filing with the SEC. After selling 10,278 shares, Franklin now holds 11,600 shares in the company, valued at approximately $319,000 at the end of the quarter.

Other institutional investors have also been active with their holdings in Cassava Sciences. For instance, Bank of New York Mellon Corp increased its stake in the company by 18.1% during the second quarter, now owning 140,847 shares worth about $1,739,000. Commonwealth Equity Services LLC raised its holdings by 7.5% to reach 48,451 shares, valued at $598,000 after acquiring an additional 3,384 shares. Rhumbline Advisers and Arizona State Retirement System have similarly increased their positions in the company during the second quarter.

Cassava Sciences Stock Overview

As of January 2nd, Cassava Sciences' stock opened at $2.36. The company has a market capital of $113.54 million, alongside a price-to-earnings ratio of -1.71. The 50-day moving average price of the stock is $13.35, while the 200-day moving average stands at $19.82. Over the past year, Cassava Sciences has seen a low of $2.23 and a high of $42.20.

In its most recent earnings report, Cassava Sciences announced a loss of ($0.58) earnings per share (EPS) for the quarter, which was better than analysts' expectations of a loss of ($1.37). The company reported a similar EPS loss of ($0.61) during the same period last year and analysts forecast an EPS of -3.97 for the current year.

Market Analysts' Insights

Recently, HC Wainwright has revised its rating of Cassava Sciences from “buy” to “neutral,” while setting a target price of $116.00 on the stock.

Recent Insider Transactions

In insider news, CFO Eric Schoen sold 59,800 shares of Cassava on November 29th at an average price of $3.86, totaling $230,828. Following this sale, the CFO's ownership dropped significantly to 11,500 shares worth around $44,390. This transaction has been officially filed with the SEC. Currently, corporate insiders hold 9.00% of the company's shares.

About Cassava Sciences

Cassava Sciences, Inc is a biotechnology company focused on developing treatments for neurodegenerative diseases. Its leading candidate, simufilam, is designed to treat Alzheimer's disease, while SavaDx is a diagnostic tool aimed at detecting the disease through blood-based biomarkers.

Conclusion

With several institutional investors adjusting their positions and ongoing developments in the company’s product pipeline, Cassava Sciences remains a topic of interest for market participants.

Franklin, Cassava, investment