Cassava Sciences (NASDAQ:SAVA) Given Buy Rating at HC Wainwright

HC Wainwright reissued their buy rating on shares of Cassava Sciences (NASDAQ:SAVA) in a research report released on Friday, reports. The brokerage currently has a $3.00 price objective on the stock.

“Our $3 PT was derived by using a weighted- average cost of capital of 13% for Cassava shares to discount free cash flows from our projection of annual sales of PTI-125 in Alzheimer’s disease, and dividing them by our projected number of shares for each year to account for the effects of share dilution.”,” the firm’s analyst wrote.

A number of other analysts also recently commented on the company. ValuEngine upgraded Cassava Sciences from a hold rating to a buy rating in a research report on Thursday, August 1st. Maxim Group reiterated a buy rating and issued a $3.00 price objective on shares of Cassava Sciences in a research report on Tuesday.

Shares of NASDAQ SAVA opened at $1.24 on Friday. The firm has a market cap of $20.49 million, a price-to-earnings ratio of -2.03 and a beta of 1.63. The firm’s 50-day moving average is $1.33. Cassava Sciences has a 52 week low of $0.76 and a 52 week high of $2.99.

Cassava Sciences (NASDAQ:SAVA) last announced its earnings results on Monday, August 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.04. On average, sell-side analysts forecast that Cassava Sciences will post -0.52 EPS for the current year.

An institutional investor recently raised its position in Cassava Sciences stock. Envestnet Asset Management Inc. increased its stake in shares of Cassava Sciences Inc (NASDAQ:SAVA) by 23.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,892 shares of the company’s stock after buying an additional 12,104 shares during the quarter. Envestnet Asset Management Inc. owned 0.37% of Cassava Sciences worth $76,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 19.49% of the company’s stock.

About Cassava Sciences

Cassava Sciences, Inc, a clinical-stage drug development company, develops drugs for nervous system disorders. The company's lead therapeutic product candidate PTI-125, a small molecule drug that is in Phase II clinical trial for the treatment of Alzheimer's disease. It is also developing PTI-125Dx, a blood-based biomarker/diagnostic to detect Alzheimer's disease.

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