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

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

Separately, Weiss Ratings reiterated 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 assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $2.00.

Cassava Sciences Stock Down 2.5%

Shares of NASDAQ SAVA opened at $1.99 on Friday. The firm has a market cap of $96.14 million, a price-to-earnings ratio of -0.91 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 simple moving average is $2.49 and its 200-day simple moving average is $2.70.

Cassava Sciences (NASDAQ:SAVA) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.05. Equities research analysts anticipate that Cassava Sciences will post -3.97 EPS for the current fiscal year.

Insider Transactions at Cassava Sciences

In other news, CEO Richard Barry purchased 73,385 shares of the business’s stock in a transaction on Wednesday, November 19th. The shares were bought at an average price of $2.75 per share, with a total value of $201,808.75. Following the completion of the transaction, the chief executive officer directly owned 788,060 shares in the company, valued at approximately $2,167,165. This represents a 10.27% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cassava Sciences

A number of hedge funds have recently modified their holdings of the business. Eagle Wealth Strategies LLC acquired a new position in shares of Cassava Sciences in the 3rd quarter valued at $29,000. Belpointe Asset Management LLC acquired a new position in Cassava Sciences in the 3rd quarter valued at about $37,000. Fortis Capital Advisors LLC purchased a new stake in Cassava Sciences during the 3rd quarter valued at approximately $37,000. Mayport LLC acquired a new stake in Cassava Sciences during the 3rd quarter worth approximately $39,000. Finally, TT Capital Management LLC purchased a new position in shares of Cassava Sciences in the 2nd quarter valued at approximately $28,000. 38.05% of the stock is currently owned by hedge funds and other institutional investors.

About Cassava Sciences

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.