Cassava Sciences (NASDAQ:SAVA) Shares Gap Down to $42.99
Cassava Sciences, Inc. (NASDAQ:SAVA)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $42.99, but opened at $41.14. Cassava Sciences shares last traded at $41.94, with a volume of 6,413 shares trading hands.
Several equities analysts have recently commented on SAVA shares. Zacks Investment Research lowered Cassava Sciences from a “hold” rating to a “sell” rating in a report on Wednesday, April 21st. B. Riley began coverage on Cassava Sciences in a report on Monday. They issued a “buy” rating and a $78.00 price objective for the company. Jonestrading reissued a “buy” rating on shares of Cassava Sciences in a report on Tuesday, March 23rd. Finally, Cantor Fitzgerald increased their price objective on Cassava Sciences from $24.00 to $72.00 and gave the stock an “overweight” rating in a report on Tuesday, March 16th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. Cassava Sciences presently has a consensus rating of “Buy” and a consensus price target of $46.60.
The firm’s 50 day simple moving average is $44.76 and its 200-day simple moving average is $26.68. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of -179.13 and a beta of 1.47.
Hedge funds and other institutional investors have recently bought and sold shares of the company. US Bancorp DE acquired a new position in shares of Cassava Sciences in the first quarter worth $27,000. Strs Ohio bought a new stake in Cassava Sciences during the first quarter valued at about $58,000. McAdam LLC bought a new stake in Cassava Sciences during the first quarter valued at about $241,000. Victory Capital Management Inc. bought a new stake in Cassava Sciences during the first quarter valued at about $262,000. Finally, Citigroup Inc. boosted its holdings in Cassava Sciences by 466.6% during the fourth quarter. Citigroup Inc. now owns 6,312 shares of the company’s stock valued at $43,000 after acquiring an additional 5,198 shares during the period. 26.65% of the stock is currently owned by institutional investors and hedge funds.
Cassava Sciences Company Profile (NASDAQ:SAVA)
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 2b clinical trial; and investigational diagnostic product candidate is SavaDx, a blood-based biomarker/diagnostic to detect Alzheimer's disease.
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