Cassava Sciences (NASDAQ:SAVA) Stock Rating Lowered by Zacks Investment Research

Cassava Sciences (NASDAQ:SAVA) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.

According to Zacks, “Cassava Sciences Inc. is focused on the early detection and treatment of neurodegenerative diseases, such as Alzheimer’s. Cassava Sciences Inc., formerly known as Pain Therapeutics Inc., is based in Austin, United States. “

A number of other research firms have also commented on SAVA. Maxim Group boosted their price target on shares of Cassava Sciences from $3.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, January 10th. ValuEngine upgraded shares of Cassava Sciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, January 4th. Finally, HC Wainwright restated a “buy” rating and issued a $6.00 price target (up from $3.00) on shares of Cassava Sciences in a research report on Friday, December 6th.

Shares of Cassava Sciences stock traded down $0.50 during trading on Wednesday, hitting $8.13. 85,613 shares of the company’s stock traded hands, compared to its average volume of 10,527,063. The firm’s fifty day moving average price is $4.40 and its 200 day moving average price is $2.05. Cassava Sciences has a twelve month low of $0.86 and a twelve month high of $10.95. The company has a market cap of $148.60 million, a PE ratio of -13.39 and a beta of 2.59.

Cassava Sciences (NASDAQ:SAVA) last issued its earnings results on Tuesday, October 29th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.10. As a group, research analysts predict that Cassava Sciences will post -0.32 EPS for the current year.

In related news, CEO Remi Barbier bought 100,000 shares of the company’s stock in a transaction on Tuesday, December 31st. The stock was bought at an average cost of $5.53 per share, with a total value of $553,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sanford Robertson bought 76,212 shares of the company’s stock in a transaction on Thursday, December 19th. The stock was bought at an average cost of $1.86 per share, with a total value of $141,754.32. Following the completion of the purchase, the director now owns 238,835 shares of the company’s stock, valued at approximately $444,233.10. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 194,111 shares of company stock worth $749,307. Company insiders own 14.90% of the company’s stock.

An institutional investor recently raised its position in Cassava Sciences stock. Renaissance Technologies LLC increased its holdings in shares of Cassava Sciences Inc (NASDAQ:SAVA) by 16.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 682,792 shares of the company’s stock after purchasing an additional 98,900 shares during the quarter. Renaissance Technologies LLC owned approximately 3.97% of Cassava Sciences worth $826,000 as of its most recent SEC filing. Institutional investors own 10.60% of the company’s stock.

Cassava Sciences Company Profile

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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