Cassava Sciences (NASDAQ:SAVA) Upgraded by ValuEngine to Hold

ValuEngine upgraded shares of Cassava Sciences (NASDAQ:SAVA) from a sell rating to a hold rating in a research report report published on Saturday, ValuEngine reports.

A number of other research analysts have also recently commented on the stock. Zacks Investment Research cut shares of Cassava Sciences from a buy rating to a hold rating in a research note on Thursday. HC Wainwright set a $3.00 price target on shares of Cassava Sciences and gave the stock a buy rating in a research note on Friday, September 13th. Finally, Maxim Group restated a buy rating and set a $3.00 price target on shares of Cassava Sciences in a research note on Wednesday, September 18th.

SAVA traded up $0.02 during midday trading on Friday, reaching $1.25. 64,795 shares of the company’s stock were exchanged, compared to its average volume of 80,256. Cassava Sciences has a one year low of $0.76 and a one year high of $1.49. The company’s 50-day moving average is $1.24.

Cassava Sciences (NASDAQ:SAVA) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. On average, analysts expect 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. Envestnet Asset Management Inc. grew its position in Cassava Sciences Inc (NASDAQ:SAVA) by 23.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 62,892 shares of the company’s stock after acquiring 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. 19.49% of the stock is currently 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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