Cassava Sciences (NASDAQ:SAVA) Lowered to Sell Rating by Wall Street Zen

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

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

Cassava Sciences Trading Down 3.0%

SAVA stock opened at $2.28 on Friday. The firm has a 50 day moving average of $2.12 and a 200-day moving average of $2.67. The firm has a market capitalization of $110.15 million, a P/E ratio of -1.04 and a beta of -0.63. Cassava Sciences has a 12 month low of $1.15 and a 12 month high of $4.98.

Hedge Funds Weigh In On Cassava Sciences

Several institutional investors have recently modified their holdings of SAVA. Catalyst Funds Management Pty Ltd purchased a new position in Cassava Sciences in the 2nd quarter worth $34,000. Aristides Capital LLC bought a new position in shares of Cassava Sciences during the second quarter valued at about $29,000. Price T Rowe Associates Inc. MD bought a new position in shares of Cassava Sciences during the fourth quarter valued at about $63,000. Engineers Gate Manager LP increased its holdings 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 buying an additional 17,335 shares during the period. Finally, Jump Financial LLC bought a new stake in shares of Cassava Sciences in the 2nd quarter valued at about $50,000. 38.05% of the stock is currently owned by 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.