Cassava Sciences (NASDAQ:SAVA) Shares Gap Up on Analyst Upgrade

Cassava Sciences, Inc. (NASDAQ:SAVA)’s stock price gapped up before the market opened on Tuesday after HC Wainwright raised their price target on the stock from $97.00 to $124.00. The stock had previously closed at $82.26, but opened at $86.10. HC Wainwright currently has a buy rating on the stock. Cassava Sciences shares last traded at $84.30, with a volume of 8,197 shares traded.

Several other research analysts also recently issued reports on SAVA. Zacks Investment Research downgraded shares of Cassava Sciences from a “hold” rating to a “sell” rating in a research report on Wednesday, June 23rd. Jonestrading reaffirmed a “buy” rating on shares of Cassava Sciences in a report on Tuesday, March 23rd. Cantor Fitzgerald downgraded shares of Cassava Sciences from an “overweight” rating to a “neutral” rating and set a $100.00 target price on the stock. in a report on Thursday, July 15th. Finally, B. Riley lifted their target price on shares of Cassava Sciences from $78.00 to $111.00 and gave the company a “buy” rating in a report on Wednesday, June 23rd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $79.60.

A number of hedge funds have recently added to or reduced their stakes in the stock. O Shaughnessy Asset Management LLC boosted its holdings in Cassava Sciences by 896.7% during the first quarter. O Shaughnessy Asset Management LLC now owns 608 shares of the company’s stock worth $27,000 after buying an additional 547 shares in the last quarter. US Bancorp DE acquired a new position in Cassava Sciences during the first quarter worth about $27,000. Strs Ohio acquired a new position in Cassava Sciences during the first quarter worth about $58,000. The PNC Financial Services Group Inc. acquired a new position in Cassava Sciences during the first quarter worth about $91,000. Finally, Panagora Asset Management Inc. raised its position in Cassava Sciences by 94.3% during the first quarter. Panagora Asset Management Inc. now owns 4,775 shares of the company’s stock worth $214,000 after acquiring an additional 2,318 shares during the last quarter. 26.57% of the stock is currently owned by hedge funds and other institutional investors.

The firm has a market cap of $4.71 billion, a P/E ratio of -405.50 and a beta of 1.09. The business has a 50-day moving average price of $73.51.

Cassava Sciences (NASDAQ:SAVA) last announced its earnings results on Tuesday, April 20th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. On average, equities research analysts expect that Cassava Sciences, Inc. will post 0.24 earnings per share for the current year.

Cassava Sciences Company Profile (NASDAQ:SAVA)

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 2b clinical trial; and investigational diagnostic product candidate is SavaDx, a blood-based biomarker/diagnostic to detect Alzheimer's disease.

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