Cassava Sciences (NASDAQ:SAVA) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Cassava Sciences (NASDAQ:SAVA) from a hold rating to a buy rating in a report released on Wednesday, Zacks.com reports. The firm currently has $1.25 target price on the stock.

According to Zacks, “Cassava Sciences Inc. is focused on the early detection and treatment of neurodegenerative diseases, such as Alzheimer’s. Cassava Sciences Inc., formerly known as Pain Therapeutics Inc., is based in Austin, United States. “

SAVA has been the topic of several other research reports. ValuEngine lowered shares of Cassava Sciences from a hold rating to a sell rating in a research note on Wednesday, September 4th. Maxim Group reiterated a buy rating and set a $3.00 price objective on shares of Cassava Sciences in a research note on Wednesday, September 18th. Finally, HC Wainwright set a $3.00 price objective on shares of Cassava Sciences and gave the stock a buy rating in a research note on Friday, September 13th.

SAVA traded up $0.04 on Wednesday, hitting $1.25. 97,595 shares of the company’s stock were exchanged, compared to its average volume of 236,341. The firm has a market capitalization 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. The company’s fifty day simple moving average is $1.22.

Cassava Sciences (NASDAQ:SAVA) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04. As a group, equities analysts forecast that Cassava Sciences will post -0.45 earnings per share for the current fiscal year.

A hedge fund recently raised its stake in Cassava Sciences stock. Renaissance Technologies LLC grew its position in Cassava Sciences Inc (NASDAQ:SAVA) by 16.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 682,792 shares of the company’s stock after purchasing an additional 98,900 shares during the period. Renaissance Technologies LLC owned approximately 3.97% of Cassava Sciences worth $826,000 as of its most recent SEC filing. 19.49% of the stock is 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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