Cassava Sciences (NASDAQ:SAVA) Downgraded to Strong Sell at ValuEngine

ValuEngine downgraded shares of Cassava Sciences (NASDAQ:SAVA) from a sell rating to a strong sell rating in a report released on Wednesday morning, ValuEngine reports.

Several other equities analysts also recently issued reports on SAVA. HC Wainwright set a $3.00 price objective on Cassava Sciences and gave the stock a buy rating in a research report on Friday, September 13th. Maxim Group reiterated a buy rating and set a $3.00 price objective on shares of Cassava Sciences in a research report on Wednesday, September 18th. Finally, Zacks Investment Research raised Cassava Sciences from a hold rating to a buy rating and set a $1.25 target price on the stock in a report on Wednesday.

Shares of NASDAQ SAVA traded up $0.04 during midday trading on Wednesday, hitting $1.25. 97,595 shares of the company’s stock were exchanged, compared to its average volume of 236,341. The business’s 50 day moving average is $1.22. The stock has a market cap of $21.35 million, a price-to-earnings ratio of -2.05 and a beta of 1.69. Cassava Sciences has a twelve month low of $0.76 and a twelve month high of $1.67.

Cassava Sciences (NASDAQ:SAVA) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.04. Equities research analysts forecast that Cassava Sciences will post -0.45 EPS for the current year.

A hedge fund recently raised its stake in Cassava Sciences stock. Envestnet Asset Management Inc. increased its position in shares of Cassava Sciences Inc (NASDAQ:SAVA) by 23.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,892 shares of the company’s stock after purchasing 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 quarter. 19.49% of the stock is currently owned by institutional investors.

About Cassava Sciences

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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