Cassava Sciences (NASDAQ:SAVA) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Cassava Sciences (NASDAQ:SAVA) from a sell rating to a hold rating in a research note published on Sunday.

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Cassava Sciences in a research note on Friday, December 26th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Cassava Sciences presently has a consensus rating of “Reduce” and a consensus target price of $2.00.

Cassava Sciences Trading Up 1.5%

NASDAQ SAVA opened at $1.97 on Friday. The firm’s fifty day simple moving average is $2.45 and its two-hundred day simple moving average is $2.70. The firm has a market capitalization of $95.17 million, a P/E ratio of -0.90 and a beta of -0.63. Cassava Sciences has a 12-month low of $1.15 and a 12-month high of $4.98.

Cassava Sciences (NASDAQ:SAVA) last announced its earnings results on Wednesday, November 12th. The company reported ($0.22) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.05. As a group, sell-side analysts predict that Cassava Sciences will post -3.97 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Richard Barry bought 73,385 shares of the firm’s stock in a transaction that occurred on Wednesday, November 19th. The stock was purchased at an average price of $2.75 per share, with a total value of $201,808.75. Following the completion of the acquisition, the chief executive officer directly owned 788,060 shares of the company’s stock, valued at $2,167,165. This trade represents a 10.27% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 12.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cassava Sciences

Institutional investors have recently bought and sold shares of the business. Eagle Wealth Strategies LLC purchased a new stake in shares of Cassava Sciences in the 3rd quarter valued at $29,000. Belpointe Asset Management LLC purchased a new position in shares of Cassava Sciences during the third quarter worth $37,000. Fortis Capital Advisors LLC acquired a new position in Cassava Sciences during the third quarter valued at $37,000. Mayport LLC purchased a new stake in Cassava Sciences in the third quarter valued at $39,000. Finally, TT Capital Management LLC acquired a new stake in Cassava Sciences during the 2nd quarter worth about $28,000. 38.05% of the stock is owned by hedge funds and other institutional investors.

About Cassava Sciences

Cassava Sciences, Inc is a clinical-stage biopharmaceutical company focused on the development of novel therapies and diagnostics for Alzheimer’s disease and related neurodegenerative disorders. Headquartered in Austin, Texas, the company was originally founded as Pain Therapeutics in 1998 and rebranded to Cassava Sciences in 2017. Cassava’s research program centers on small molecules designed to address underlying mechanisms of neurodegeneration rather than solely targeting amyloid plaques or tau tangles.

The company’s lead drug candidate, simufilam (formerly PTI-125), is a proprietary small molecule that aims to restore normal shape and function to the scaffolding protein filamin A, which has been implicated in impaired neuronal signaling and inflammation in Alzheimer’s patients.