Cassava Sciences (NASDAQ:SAVA) Downgraded to “Sell” Rating by Wall Street Zen

Wall Street Zen cut shares of Cassava Sciences (NASDAQ:SAVA) from a hold rating to a sell rating in a report released on Saturday morning.

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

Cassava Sciences Stock Down 5.2%

Shares of SAVA stock opened at $2.20 on Friday. The firm has a market cap of $106.28 million, a price-to-earnings ratio of -1.00 and a beta of -1.00. Cassava Sciences has a 52-week low of $1.15 and a 52-week high of $4.98. The company’s 50 day moving average is $2.56 and its 200 day moving average is $2.70.

Cassava Sciences (NASDAQ:SAVA) last announced its earnings results on Wednesday, November 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.05. Analysts anticipate that Cassava Sciences will post -3.97 EPS for the current fiscal year.

Insider Buying and Selling at Cassava Sciences

In related news, CEO Richard Barry acquired 73,385 shares of the firm’s stock in a transaction that occurred on Wednesday, November 19th. The stock was purchased at an average cost of $2.75 per share, with a total value of $201,808.75. Following the transaction, the chief executive officer directly owned 788,060 shares of the company’s stock, valued at $2,167,165. This trade represents a 10.27% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Cassava Sciences

A number of large investors have recently made changes to their positions in SAVA. AQR Capital Management LLC acquired a new stake in Cassava Sciences during the 1st quarter worth about $120,000. Goldman Sachs Group Inc. boosted its position in Cassava Sciences by 77.9% in the first quarter. Goldman Sachs Group Inc. now owns 496,313 shares of the company’s stock valued at $744,000 after buying an additional 217,404 shares during the last quarter. Strs Ohio acquired a new position in Cassava Sciences in the 1st quarter worth approximately $178,000. Ground Swell Capital LLC purchased a new position in Cassava Sciences during the 2nd quarter worth approximately $31,000. Finally, Catalyst Funds Management Pty Ltd purchased a new position in Cassava Sciences during the 2nd quarter worth approximately $34,000. 38.05% of the stock is owned by hedge funds and other institutional investors.

Cassava Sciences Company Profile

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.