Cassava Sciences (NASDAQ:SAVA) Trading Up 4.8% – Here’s Why

Shares of Cassava Sciences, Inc. (NASDAQ:SAVA) shot up 4.8% on Thursday . The company traded as high as $26.58 and last traded at $26.38. 818,439 shares were traded during trading, a decline of 52% from the average session volume of 1,697,288 shares. The stock had previously closed at $25.18.

Wall Street Analysts Forecast Growth

SAVA has been the topic of several research analyst reports. Rodman & Renshaw reaffirmed a “buy” rating and set a $107.00 target price on shares of Cassava Sciences in a research note on Thursday, August 8th. HC Wainwright reiterated a “buy” rating and issued a $116.00 price objective on shares of Cassava Sciences in a research note on Friday, November 8th.

Cassava Sciences Stock Up 3.8 %

The business has a 50-day moving average of $27.56 and a 200-day moving average of $23.12. The stock has a market cap of $1.26 billion, a price-to-earnings ratio of -18.77 and a beta of -0.59.

Cassava Sciences (NASDAQ:SAVA) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.58) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.37) by $0.79. During the same period last year, the business earned ($0.61) EPS. Equities analysts anticipate that Cassava Sciences, Inc. will post -3.63 earnings per share for the current year.

Institutional Trading of Cassava Sciences

Large investors have recently added to or reduced their stakes in the business. Arizona State Retirement System lifted its stake in shares of Cassava Sciences by 4.2% in the 2nd quarter. Arizona State Retirement System now owns 11,495 shares of the company’s stock valued at $142,000 after purchasing an additional 468 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Cassava Sciences by 3.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 14,690 shares of the company’s stock worth $298,000 after acquiring an additional 506 shares in the last quarter. Profund Advisors LLC increased its holdings in shares of Cassava Sciences by 4.6% during the 2nd quarter. Profund Advisors LLC now owns 13,440 shares of the company’s stock valued at $166,000 after acquiring an additional 591 shares during the last quarter. State Board of Administration of Florida Retirement System raised its stake in shares of Cassava Sciences by 5.7% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 12,149 shares of the company’s stock valued at $247,000 after acquiring an additional 650 shares in the last quarter. Finally, PFG Investments LLC lifted its holdings in Cassava Sciences by 4.6% in the 2nd quarter. PFG Investments LLC now owns 22,880 shares of the company’s stock worth $283,000 after purchasing an additional 1,000 shares during the last quarter. 38.05% of the stock is owned by institutional investors.

Cassava Sciences Company Profile

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