5 Stocks To Sell Now According To David Einhorn’s Greenlight Capital

2. Cassava Sciences, Inc. (NASDAQ:SAVA)

Percentage of Decline in Stake in Q1: 100%

Number Of Hedge Fund Holders: 7

Cassava Sciences, Inc. (NASDAQ:SAVA) is a clinical-stage biotech firm that is involved in the development of treatments for neurodegenerative diseases, namely Alzheimer’s. Despite reassurances regarding simufilam, an investigational drug meant to treat Alzheimer’s, shares of Cassava Sciences, Inc. (NASDAQ:SAVA) continue to lose value, plummeting 52.34% in the past six months.

Earlier this May, Univest Securities analyst James Jang noted that Cassava Sciences, Inc. (NASDAQ:SAVA) released Q1 results that showed enrollment in the company’s Alzheimer drug clinical trials has increased, although its enrollment still “severely lags” behind the pace of other trials in the space. Jang still keeps a Sell rating and $8 price target on the shares of the company.

At the end of the fourth quarter of 2021, 7 hedge funds in the database of Insider Monkey held stakes worth $14 million in Cassava Sciences, Inc. (NASDAQ:SAVA), compared to 10 in the preceding quarter worth $34 million. Among these, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Cassava Sciences, Inc. (NASDAQ:SAVA) with 1 million shares worth more than $46 million.