Cassava Sciences (NASDAQ:SAVA) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Cassava Sciences (NASDAQ:SAVA) from a buy rating to a hold rating in a report published on Saturday, 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. “

SAVA has been the subject of a number of other research reports. Maxim Group lifted their price objective on Cassava Sciences from $3.00 to $12.00 and gave the company a buy rating in a research note on Friday, January 10th. ValuEngine upgraded Cassava Sciences from a strong sell rating to a sell rating in a research note on Saturday, January 4th. Finally, HC Wainwright reiterated a buy rating and set a $6.00 price objective (up previously from $3.00) on shares of Cassava Sciences in a research note on Friday, December 6th.

Shares of NASDAQ SAVA traded down $0.56 during mid-day trading on Friday, hitting $7.18. 1,489,187 shares of the stock traded hands, compared to its average volume of 8,062,646. Cassava Sciences has a 52 week low of $0.86 and a 52 week high of $10.95. The company has a market cap of $133.10 million, a price-to-earnings ratio of -32.61 and a beta of 2.59. The stock has a fifty day moving average price of $5.42 and a 200-day moving average price of $2.32.

Cassava Sciences (NASDAQ:SAVA) last released its quarterly earnings results on Tuesday, October 29th. The company reported ($0.04) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.10. Analysts forecast that Cassava Sciences will post -0.32 EPS for the current fiscal year.

In other Cassava Sciences news, CEO Remi Barbier bought 10,000 shares of the company’s stock in a transaction dated Thursday, December 26th. The shares were purchased at an average cost of $4.03 per share, for a total transaction of $40,300.00. Also, Director Sanford Robertson bought 76,212 shares of the company’s stock in a transaction dated Thursday, December 19th. The shares were acquired at an average price of $1.86 per share, for a total transaction of $141,754.32. Following the completion of the transaction, the director now directly owns 238,835 shares in the company, valued at $444,233.10. The disclosure for this purchase can be found here. Insiders have acquired 194,111 shares of company stock valued at $749,307 in the last quarter. 14.90% of the stock is owned by company insiders.

A hedge fund recently raised its stake in Cassava Sciences stock. Renaissance Technologies LLC raised its position in Cassava Sciences Inc (NASDAQ:SAVA) by 16.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 682,792 shares of the company’s stock after buying an additional 98,900 shares during the period. Renaissance Technologies LLC owned about 3.97% of Cassava Sciences worth $826,000 at the end of the most recent reporting period. 10.61% of the stock is owned by institutional investors and hedge funds.

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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