Cassava Sciences (NASDAQ:SAVA) Stock Rating Upgraded by Wall Street Zen

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

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Cassava Sciences in a report 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. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $2.00.

Cassava Sciences Stock Down 2.5%

Shares of NASDAQ SAVA opened at $1.94 on Friday. The stock has a market cap of $93.72 million, a P/E ratio of -0.89 and a beta of -1.00. The firm’s 50-day simple moving average is $2.47 and its 200 day simple moving average is $2.70. Cassava Sciences has a fifty-two week low of $1.15 and a fifty-two week high of $4.98.

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 analysts’ consensus estimates of ($0.27) by $0.05. On average, sell-side analysts anticipate that Cassava Sciences will post -3.97 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Richard Barry acquired 73,385 shares of the business’s stock in a transaction dated Wednesday, November 19th. The stock was bought at an average price of $2.75 per share, for a total transaction of $201,808.75. Following the transaction, the chief executive officer owned 788,060 shares of the company’s stock, valued at approximately $2,167,165. The trade was a 10.27% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.40% of the company’s stock.

Institutional Trading of Cassava Sciences

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Apollon Wealth Management LLC lifted its position in shares of Cassava Sciences by 7.8% in the 3rd quarter. Apollon Wealth Management LLC now owns 46,271 shares of the company’s stock valued at $135,000 after acquiring an additional 3,342 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of Cassava Sciences by 15.7% in the third quarter. Federated Hermes Inc. now owns 43,285 shares of the company’s stock worth $126,000 after buying an additional 5,875 shares during the period. Eagle Wealth Strategies LLC purchased a new position in shares of Cassava Sciences during the third quarter valued at $29,000. Belpointe Asset Management LLC acquired a new position in Cassava Sciences during the third quarter valued at $37,000. Finally, Fortis Capital Advisors LLC purchased a new stake in Cassava Sciences in the 3rd quarter worth about $37,000. Institutional investors and hedge funds own 38.05% of the company’s stock.

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.