Wall Street Zen Upgrades Cassava Sciences (NASDAQ:SAVA) to Hold

Cassava Sciences (NASDAQ:SAVA) was upgraded by research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Sunday.

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Cassava Sciences in a report on Friday, December 26th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $2.00.

Cassava Sciences Trading Up 4.4%

SAVA opened at $2.12 on Friday. The company has a fifty day moving average price of $2.11 and a two-hundred day moving average price of $2.67. Cassava Sciences has a 1-year low of $1.15 and a 1-year high of $4.98. The company has a market cap of $102.42 million, a P/E ratio of -0.97 and a beta of -0.85.

Institutional Investors Weigh In On Cassava Sciences

Hedge funds and other institutional investors have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd lifted its position in Cassava Sciences by 465.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 13,606 shares of the company’s stock valued at $27,000 after acquiring an additional 11,200 shares in the last quarter. Virtu Financial LLC bought a new stake in Cassava Sciences during the 4th quarter worth approximately $97,000. Invesco Ltd. bought a new stake in Cassava Sciences during the 4th quarter worth approximately $36,000. Engineers Gate Manager LP raised its stake in shares of Cassava Sciences by 121.1% in the fourth quarter. Engineers Gate Manager LP now owns 31,654 shares of the company’s stock worth $63,000 after purchasing an additional 17,335 shares during the last quarter. Finally, Jump Financial LLC bought a new position in shares of Cassava Sciences in the fourth quarter valued at approximately $181,000. 38.05% of the stock is owned by institutional investors.

About Cassava Sciences

Cassava Sciences, Inc is a clinical-stage biopharmaceutical company focused on the development of novel therapies and diagnostics for Alzheimer’s disease and related neurodegenerative disorders. Headquartered in Austin, Texas, the company was originally founded as Pain Therapeutics in 1998 and rebranded to Cassava Sciences in 2017. Cassava’s research program centers on small molecules designed to address underlying mechanisms of neurodegeneration rather than solely targeting amyloid plaques or tau tangles.

The company’s lead drug candidate, simufilam (formerly PTI-125), is a proprietary small molecule that aims to restore normal shape and function to the scaffolding protein filamin A, which has been implicated in impaired neuronal signaling and inflammation in Alzheimer’s patients.