Cassava Sciences (NASDAQ:SAVA) Stock Price Up 1.8% – Here’s What Happened

Cassava Sciences, Inc. (NASDAQ:SAVA)’s stock price traded up 1.8% during mid-day trading on Thursday . The company traded as high as $1.7650 and last traded at $1.72. 265,138 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 722,669 shares. The stock had previously closed at $1.69.

Analysts Set New Price Targets

Several research firms recently commented on SAVA. Wall Street Zen raised Cassava Sciences from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of Cassava Sciences in a report on Friday, December 26th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has an average rating of “Sell”.

Cassava Sciences Price Performance

The firm’s 50 day simple moving average is $2.11 and its 200 day simple moving average is $2.65. The stock has a market capitalization of $83.09 million, a PE ratio of -0.79 and a beta of -0.85.

Cassava Sciences (NASDAQ:SAVA) last announced its quarterly earnings results on Thursday, March 12th. The company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.30) by $0.04. Analysts expect that Cassava Sciences, Inc. will post -3.97 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cassava Sciences

Several large investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd grew its position in Cassava Sciences by 465.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 13,606 shares of the company’s stock worth $27,000 after purchasing an additional 11,200 shares during the period. TT Capital Management LLC bought a new position in shares of Cassava Sciences during the 2nd quarter valued at $28,000. Eagle Wealth Strategies LLC purchased a new position in shares of Cassava Sciences in the 3rd quarter worth $29,000. Invesco Ltd. purchased a new position in shares of Cassava Sciences in the 4th quarter worth $36,000. Finally, Belpointe Asset Management LLC bought a new stake in shares of Cassava Sciences in the third quarter worth $37,000. Hedge funds and other institutional investors own 38.05% of the company’s stock.

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.