ValuEngine Downgrades Cassava Sciences (NASDAQ:SAVA) to Strong Sell

Cassava Sciences (NASDAQ:SAVA) was downgraded by ValuEngine from a “sell” rating to a “strong sell” rating in a note issued to investors on Wednesday, ValuEngine reports.

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

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

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

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