Cassava Sciences (NASDAQ:SAVA) Shares Up 7%

Cassava Sciences Inc (NASDAQ:SAVA)’s share price rose 7% during trading on Tuesday . The stock traded as high as $1.76 and last traded at $1.83, approximately 24,977 shares traded hands during trading. A decline of 70% from the average daily volume of 83,359 shares. The stock had previously closed at $1.71.

A number of brokerages have issued reports on SAVA. ValuEngine raised Cassava Sciences from a “strong sell” rating to a “sell” rating in a report on Tuesday, November 12th. HC Wainwright restated a “buy” rating and set a $3.00 target price on shares of Cassava Sciences in a report on Wednesday, November 13th. Zacks Investment Research upgraded shares of Cassava Sciences from a “hold” rating to a “strong-buy” rating and set a $1.50 price target on the stock in a research report on Thursday, November 14th. Finally, Maxim Group restated a “buy” rating and issued a $3.00 price objective on shares of Cassava Sciences in a research report on Wednesday, September 18th.

The firm has a market capitalization of $29.45 million, a P/E ratio of -2.93 and a beta of 1.85. The stock’s 50-day simple moving average is $1.31 and its 200-day simple moving average is $1.30.

Cassava Sciences (NASDAQ:SAVA) last issued its quarterly earnings results on Tuesday, October 29th. The company reported ($0.04) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.10. As a group, sell-side analysts forecast that Cassava Sciences Inc will post -0.32 earnings per share for the current fiscal year.

A hedge fund recently raised its stake in Cassava Sciences stock. Envestnet Asset Management Inc. grew its stake in Cassava Sciences Inc (NASDAQ:SAVA) by 23.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 62,892 shares of the company’s stock after buying an additional 12,104 shares during the period. Envestnet Asset Management Inc. owned 0.37% of Cassava Sciences worth $76,000 at the end of the most recent reporting period. 10.72% of the stock is currently owned by 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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