ValuEngine Upgrades Cassava Sciences (NASDAQ:SAVA) to “Hold”

Cassava Sciences (NASDAQ:SAVA) was upgraded by investment analysts at ValuEngine from a “sell” rating to a “hold” rating in a research report issued on Thursday, ValuEngine reports.

A number of other brokerages have also commented on SAVA. Zacks Investment Research lowered Cassava Sciences from a “buy” rating to a “hold” rating in a research note on Saturday, January 25th. HC Wainwright reissued a “buy” rating and set a $6.00 price target (up from $3.00) on shares of Cassava Sciences in a research note on Friday, December 6th. Finally, Maxim Group initiated coverage on Cassava Sciences in a research note on Thursday, March 26th. They set a “buy” rating and a $12.00 price target on the stock.

NASDAQ SAVA traded up $0.02 on Thursday, hitting $4.82. 467,356 shares of the company were exchanged, compared to its average volume of 2,835,478. The firm has a 50 day moving average of $5.49 and a two-hundred day moving average of $3.98. The company has a market cap of $123.65 million, a P/E ratio of -18.54 and a beta of 2.74. Cassava Sciences has a 1-year low of $1.00 and a 1-year high of $10.95.

Cassava Sciences (NASDAQ:SAVA) last announced its quarterly earnings data on Thursday, March 26th. The company reported ($0.08) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.05. On average, analysts expect that Cassava Sciences will post 0.95 EPS for the current fiscal year.

Several institutional investors have recently bought and sold shares of the stock. Jane Street Group LLC lifted its stake in shares of Cassava Sciences by 23.4% in the fourth quarter. Jane Street Group LLC now owns 17,269 shares of the company’s stock worth $90,000 after acquiring an additional 3,279 shares during the period. Acadian Asset Management LLC purchased a new position in Cassava Sciences in the fourth quarter worth $79,000. Cetera Advisor Networks LLC purchased a new position in Cassava Sciences in the fourth quarter worth $109,000. Marshall Wace LLP purchased a new position in Cassava Sciences in the fourth quarter worth $284,000. Finally, Geode Capital Management LLC boosted its position in Cassava Sciences by 93.0% in the fourth quarter. Geode Capital Management LLC now owns 144,251 shares of the company’s stock worth $750,000 after purchasing an additional 69,519 shares during the last quarter. 26.71% of the stock is currently owned by institutional investors.

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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