Cassava Sciences (NASDAQ:SAVA) Trading 6.2% Higher

Cassava Sciences, Inc. (NASDAQ:SAVA)’s stock price was up 6.2% during mid-day trading on Tuesday . The stock traded as high as $21.64 and last traded at $21.26. Approximately 719,466 shares changed hands during trading, a decline of 5% from the average daily volume of 755,018 shares. The stock had previously closed at $20.01.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reissued a “buy” rating and set a $124.00 price target on shares of Cassava Sciences in a report on Tuesday, March 5th.

Cassava Sciences Stock Up 5.2 %

The stock has a market cap of $910.85 million, a P/E ratio of -9.24 and a beta of -0.45. The business has a 50 day moving average price of $22.04 and a two-hundred day moving average price of $19.61.

Cassava Sciences (NASDAQ:SAVA) last released its quarterly earnings data on Wednesday, February 28th. The company reported ($0.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.10). On average, research analysts forecast that Cassava Sciences, Inc. will post -2.01 earnings per share for the current year.

Hedge Funds Weigh In On Cassava Sciences

A number of hedge funds have recently made changes to their positions in SAVA. Vanguard Group Inc. boosted its stake in Cassava Sciences by 0.8% during the third quarter. Vanguard Group Inc. now owns 2,268,566 shares of the company’s stock valued at $37,749,000 after buying an additional 18,907 shares during the last quarter. Clear Creek Financial Management LLC boosted its stake in Cassava Sciences by 29.0% during the fourth quarter. Clear Creek Financial Management LLC now owns 134,605 shares of the company’s stock valued at $3,030,000 after buying an additional 30,265 shares during the last quarter. Essex LLC boosted its stake in Cassava Sciences by 186.1% during the fourth quarter. Essex LLC now owns 34,774 shares of the company’s stock valued at $783,000 after buying an additional 22,620 shares during the last quarter. Byrne Asset Management LLC boosted its stake in Cassava Sciences by 32.9% during the fourth quarter. Byrne Asset Management LLC now owns 3,350 shares of the company’s stock valued at $75,000 after buying an additional 830 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in Cassava Sciences during the third quarter valued at approximately $268,000. Institutional investors own 38.05% of the company’s stock.

Cassava Sciences Company Profile

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.