Cassava Sciences (NASDAQ:SAVA) Trading Up 10.8%

Cassava Sciences, Inc. (NASDAQ:SAVA)’s stock price traded up 10.8% during trading on Tuesday . The company traded as high as $31.70 and last traded at $31.40. 1,151,991 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 1,684,995 shares. The stock had previously closed at $28.34.

Analysts Set New Price Targets

Several research firms have recently weighed in on SAVA. HC Wainwright reiterated a “neutral” rating on shares of Cassava Sciences in a research report on Tuesday, August 13th. Rodman & Renshaw reiterated a “buy” rating and set a $107.00 price target on shares of Cassava Sciences in a report on Thursday, August 8th.

Cassava Sciences Stock Up 10.4 %

The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of -14.47 and a beta of -0.63. The company has a 50 day simple moving average of $22.98 and a 200-day simple moving average of $21.25.

Cassava Sciences (NASDAQ:SAVA) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.57. During the same quarter in the prior year, the business posted ($0.63) earnings per share. As a group, sell-side analysts anticipate that Cassava Sciences, Inc. will post -5.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cassava Sciences

Institutional investors and hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System increased its position in Cassava Sciences by 4.2% in the 2nd quarter. Arizona State Retirement System now owns 11,495 shares of the company’s stock valued at $142,000 after buying an additional 468 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in Cassava Sciences by 3.6% in the first quarter. Janney Montgomery Scott LLC now owns 14,690 shares of the company’s stock valued at $298,000 after acquiring an additional 506 shares during the period. Profund Advisors LLC increased its holdings in shares of Cassava Sciences by 4.6% during the second quarter. Profund Advisors LLC now owns 13,440 shares of the company’s stock valued at $166,000 after acquiring an additional 591 shares in the last quarter. NBC Securities Inc. raised its position in shares of Cassava Sciences by 9.3% during the first quarter. NBC Securities Inc. now owns 7,650 shares of the company’s stock worth $155,000 after purchasing an additional 650 shares during the period. Finally, State Board of Administration of Florida Retirement System raised its position in shares of Cassava Sciences by 5.7% during the first quarter. State Board of Administration of Florida Retirement System now owns 12,149 shares of the company’s stock worth $247,000 after purchasing an additional 650 shares during the period. Institutional investors own 38.05% of the company’s stock.

Cassava Sciences Company Profile

Cassava Sciences, Inc, a clinical stage biotechnology company, develops drugs for neurodegenerative diseases. Its lead therapeutic product candidate is simufilam, a small molecule drug, which is completed Phase 2 clinical trial; and investigational diagnostic product candidate is SavaDx, a blood-based biomarker/diagnostic to detect Alzheimer's disease.