Wall Street Zen Upgrades Cassava Sciences (NASDAQ:SAVA) to Hold

Cassava Sciences (NASDAQ:SAVA) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Saturday.

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cassava Sciences in a report on Thursday, October 30th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cassava Sciences has an average rating of “Reduce” and an average target price of $2.00.

Cassava Sciences Stock Performance

NASDAQ SAVA opened at $2.76 on Friday. The company has a market cap of $133.33 million, a P/E ratio of -1.08 and a beta of -1.10. The business’s 50 day moving average price is $3.22 and its 200-day moving average price is $2.50. Cassava Sciences has a fifty-two week low of $1.15 and a fifty-two week high of $33.98.

Cassava Sciences (NASDAQ:SAVA) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.05. The company had revenue of $0.84 million during the quarter. As a group, equities analysts predict that Cassava Sciences will post -3.97 EPS for the current year.

Insider Transactions at Cassava Sciences

In related news, CEO Richard Barry acquired 190,633 shares of the stock in a transaction on Thursday, September 18th. The stock was bought at an average cost of $2.24 per share, with a total value of $427,017.92. Following the transaction, the chief executive officer directly owned 660,195 shares in the company, valued at approximately $1,478,836.80. This represents a 40.60% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Robert Christopher Cook bought 13,725 shares of Cassava Sciences stock in a transaction dated Tuesday, September 30th. The shares were bought at an average cost of $2.91 per share, for a total transaction of $39,939.75. Following the completion of the transaction, the insider owned 13,725 shares of the company’s stock, valued at approximately $39,939.75. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders bought 258,838 shares of company stock worth $591,645. Company insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Cassava Sciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. ADAR1 Capital Management LLC bought a new stake in shares of Cassava Sciences in the third quarter valued at about $236,000. Two Sigma Investments LP increased its position in Cassava Sciences by 7.3% during the 3rd quarter. Two Sigma Investments LP now owns 564,998 shares of the company’s stock valued at $1,644,000 after purchasing an additional 38,483 shares during the period. Marshall Wace LLP raised its holdings in shares of Cassava Sciences by 2,774.3% in the 3rd quarter. Marshall Wace LLP now owns 2,061,286 shares of the company’s stock valued at $5,998,000 after purchasing an additional 1,989,572 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Cassava Sciences by 5.5% in the 3rd quarter. Vanguard Group Inc. now owns 2,289,523 shares of the company’s stock worth $6,663,000 after purchasing an additional 119,451 shares during the period. Finally, Eagle Wealth Strategies LLC purchased a new stake in shares of Cassava Sciences in the 3rd quarter worth approximately $29,000. 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.