Cassava Sciences Inc (NASDAQ:SAVA)’s share price was down 6.1% during trading on Friday . The company traded as low as $7.21 and last traded at $7.26, approximately 1,482,702 shares were traded during mid-day trading. A decline of 71% from the average daily volume of 5,060,964 shares. The stock had previously closed at $7.73.

Several equities analysts have issued reports on the company. Maxim Group boosted their price target 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 raised Cassava Sciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, January 4th. HC Wainwright reissued a “buy” rating and issued a $6.00 price target (up from $3.00) on shares of Cassava Sciences in a research note on Friday, December 6th. Finally, Zacks Investment Research lowered Cassava Sciences from a “buy” rating to a “hold” rating in a research note on Saturday, January 25th.

The company has a 50 day simple moving average of $7.71 and a 200-day simple moving average of $2.98. The stock has a market capitalization of $125.01 million, a price-to-earnings ratio of -33.00 and a beta of 2.52.

In other Cassava Sciences news, CEO Remi Barbier purchased 10,000 shares of the company’s stock in a transaction on Thursday, December 26th. The shares were purchased at an average cost of $4.03 per share, with a total value of $40,300.00. Also, Director Sanford Robertson purchased 76,212 shares of the company’s stock in a transaction on Thursday, December 19th. The stock was acquired at an average cost of $1.86 per share, for a total transaction 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 three months, insiders acquired 194,111 shares of company stock worth $749,307. Insiders own 14.90% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of SAVA. Renaissance Technologies LLC increased its holdings in shares of Cassava Sciences by 19.2% during the fourth quarter. Renaissance Technologies LLC now owns 1,015,759 shares of the company’s stock valued at $5,282,000 after acquiring an additional 163,801 shares in the last quarter. Jefferies Group LLC bought a new stake in shares of Cassava Sciences during the fourth quarter valued at approximately $364,000. Marshall Wace LLP bought a new stake in shares of Cassava Sciences during the fourth quarter valued at approximately $284,000. Cetera Advisor Networks LLC bought a new stake in shares of Cassava Sciences during the fourth quarter valued at approximately $109,000. Finally, Acadian Asset Management LLC bought a new stake in shares of Cassava Sciences during the fourth quarter valued at approximately $79,000. 10.61% of the stock is currently owned by hedge funds and other institutional investors.

About Cassava Sciences (NASDAQ:SAVA)

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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