Cassava Sciences (NASDAQ:SAVA) Shares Up 6.5%

Shares of Cassava Sciences, Inc. (NASDAQ:SAVA) shot up 6.5% during mid-day trading on Wednesday . The company traded as high as $45.50 and last traded at $44.50. 82,462 shares changed hands during mid-day trading, a decline of 99% from the average session volume of 5,610,968 shares. The stock had previously closed at $41.79.

A number of brokerages have issued reports on SAVA. B. Riley raised their price objective on shares of Cassava Sciences from $111.00 to $145.00 and gave the company a “buy” rating in a research note on Tuesday, August 3rd. Jonestrading reaffirmed a “buy” rating and issued a $215.00 price objective on shares of Cassava Sciences in a research note on Friday, September 3rd. HC Wainwright raised their price objective on shares of Cassava Sciences from $97.00 to $124.00 and gave the company a “buy” rating in a research note on Tuesday, July 20th. Zacks Investment Research raised shares of Cassava Sciences from a “sell” rating to a “hold” rating in a research note on Wednesday, August 11th. Finally, Cantor Fitzgerald cut shares of Cassava Sciences from an “overweight” rating to a “neutral” rating and set a $100.00 price target on the stock. in a research report on Thursday, July 15th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $126.60.

The firm has a market capitalization of $1.77 billion, a P/E ratio of -120.05 and a beta of 0.97. The firm’s 50-day moving average is $89.01 and its 200 day moving average is $66.55.

Cassava Sciences (NASDAQ:SAVA) last posted its quarterly earnings data on Tuesday, August 3rd. The company reported ($0.13) EPS for the quarter, meeting the consensus estimate of ($0.13). On average, research analysts expect that Cassava Sciences, Inc. will post -0.64 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the business. Russell Investments Group Ltd. acquired a new position in shares of Cassava Sciences during the 1st quarter worth about $1,481,000. Morgan Stanley grew its stake in Cassava Sciences by 337.0% in the 1st quarter. Morgan Stanley now owns 223,362 shares of the company’s stock valued at $10,040,000 after buying an additional 172,250 shares during the last quarter. Virtu Financial LLC acquired a new position in Cassava Sciences in the 1st quarter valued at about $1,603,000. Teacher Retirement System of Texas acquired a new position in Cassava Sciences in the 2nd quarter valued at about $405,000. Finally, Goldman Sachs Group Inc. grew its stake in Cassava Sciences by 148.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 48,314 shares of the company’s stock valued at $2,172,000 after buying an additional 28,866 shares during the last quarter. Hedge funds and other institutional investors own 27.17% of the company’s stock.

About Cassava Sciences (NASDAQ:SAVA)

Cassava Sciences, Inc engages in the development of novel drugs and diagnostics. It focuses on developing product candidates intended for the treatment of Alzheimer’s disease, including PTI-125 and PTI-125Dx. The company was founded by Remi Barbier and Barry M. Sherman in May 1998 and is headquartered in Austin, TX.

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