Cava Group Inc (CAVA)

Shares of Cassava Sciences Inc (SAVA) dropped by 4.28% from $21.71 to $20.78 in the trading on Thursday, December 7, 2023. The reason why SAVA is down today is due to the company's announcement of three new additions to its Board of Directors, effective immediately:

• Claude Nicaise, MD: A clinical and regulatory expert with a track record of 14 new drug approvals, including in neuroscience.
• Pierre Gravier, MS: Recently appointed CFO of PTC Therapeutics, Inc., with previous experience at Perella Weinberg Partners in healthcare finance.
• Robert Anderson, Jr: A cybersecurity and operational specialist who formerly led divisions at the FBI. Investor reactions to these board changes and their potential impact on the company may have contributed to the share price decline.

Shares of Cava Group Inc. (CAVA) dropped by 7.72% from $33.70 to $31.10 in the trading on Wednesday, Novemeber 8, 2023. The reasons why CAVA down include:

• Recent IPO: Cava Group went public in June, which makes it relatively new to the stock market. Newly public companies often experience volatility and uncertainty as investors try to determine their true value.
• Valuation Adjustment: Despite its strong Q3 performance, Cava Group had experienced a surge in valuation following its IPO, with the stock trading at an extreme valuation of around 8 times sales at one point. The market appeared to be adjusting this valuation down, and after the drop, the stock was trading closer to 4 times sales.