Cassava Sciences (NASDAQ:SAVA) Shares Up 4.8% – What’s Next?

Shares of Cassava Sciences, Inc. (NASDAQ:SAVA) shot up 4.8% on Thursday . The stock traded as high as $26.58 and last traded at $26.38. 818,439 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 1,697,288 shares. The stock had previously closed at $25.18.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Rodman & Renshaw reaffirmed a “buy” rating and issued a $107.00 target price on shares of Cassava Sciences in a research note on Thursday, August 8th. HC Wainwright reaffirmed a “buy” rating and set a $116.00 price objective on shares of Cassava Sciences in a report on Friday, November 8th.

Cassava Sciences Stock Performance

The stock has a market capitalization of $1.29 billion, a P/E ratio of -19.50 and a beta of -0.59. The firm has a 50-day moving average price of $27.50 and a 200 day moving average price of $23.17.

Cassava Sciences (NASDAQ:SAVA) last issued its earnings results on Thursday, November 7th. The company reported ($0.58) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.37) by $0.79. During the same period in the previous year, the business posted ($0.61) earnings per share. On average, equities analysts anticipate that Cassava Sciences, Inc. will post -3.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cassava Sciences

Several institutional investors and hedge funds have recently made changes to their positions in SAVA. BNP Paribas Financial Markets boosted its position in Cassava Sciences by 9.4% during the first quarter. BNP Paribas Financial Markets now owns 20,885 shares of the company’s stock valued at $424,000 after buying an additional 1,786 shares during the period. Janney Montgomery Scott LLC lifted its stake in shares of Cassava Sciences by 3.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 14,690 shares of the company’s stock valued at $298,000 after acquiring an additional 506 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its holdings in Cassava Sciences by 5.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 12,149 shares of the company’s stock valued at $247,000 after acquiring an additional 650 shares during the period. Vanguard Group Inc. grew its position in Cassava Sciences by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 2,356,480 shares of the company’s stock worth $47,813,000 after acquiring an additional 31,854 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its stake in Cassava Sciences by 146.7% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 9,408 shares of the company’s stock worth $191,000 after purchasing an additional 5,594 shares during the period. 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.