Cassava Sciences (NASDAQ:SAVA) Trading Up 10.8%

Cassava Sciences, Inc. (NASDAQ:SAVA)’s stock price was up 10.8% during mid-day trading on Tuesday . The stock traded as high as $31.70 and last traded at $31.40. Approximately 1,151,991 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 1,684,995 shares. The stock had previously closed at $28.34.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SAVA. HC Wainwright reiterated a “neutral” rating on shares of Cassava Sciences in a research report on Tuesday, August 13th. Rodman & Renshaw reiterated a “buy” rating and set a $107.00 price target on shares of Cassava Sciences in a research report on Thursday, August 8th.

Cassava Sciences Price Performance

The stock has a 50 day moving average price of $24.15 and a 200-day moving average price of $21.43. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of -13.99 and a beta of -0.63.

Cassava Sciences (NASDAQ:SAVA) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.57. During the same period last year, the business posted ($0.63) EPS. As a group, research analysts forecast that Cassava Sciences, Inc. will post -5.7 earnings per share for the current year.

Institutional Investors Weigh In On Cassava Sciences

Several institutional investors and hedge funds have recently modified their holdings of SAVA. Aristides Capital LLC purchased a new stake in Cassava Sciences during the 2nd quarter worth about $201,000. The Manufacturers Life Insurance Company increased its holdings in Cassava Sciences by 11.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,700 shares of the company’s stock worth $280,000 after purchasing an additional 2,377 shares during the period. Dark Forest Capital Management LP purchased a new stake in Cassava Sciences during the 2nd quarter worth about $131,000. Profund Advisors LLC boosted its position in shares of Cassava Sciences by 4.6% during the 2nd quarter. Profund Advisors LLC now owns 13,440 shares of the company’s stock worth $166,000 after acquiring an additional 591 shares in the last quarter. Finally, Ensign Peak Advisors Inc boosted its position in shares of Cassava Sciences by 12.7% during the 2nd quarter. Ensign Peak Advisors Inc now owns 16,396 shares of the company’s stock worth $202,000 after acquiring an additional 1,850 shares in the last quarter. Hedge funds and other institutional investors own 38.05% of the company’s stock.

About Cassava Sciences

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.