Wall Street Zen Downgrades Cassava Sciences (NASDAQ:SAVA) to Sell

Cassava Sciences (NASDAQ:SAVA) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

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

Cassava Sciences Price Performance

Shares of NASDAQ SAVA opened at $2.20 on Friday. Cassava Sciences has a 1 year low of $1.15 and a 1 year high of $4.98. The stock has a market capitalization of $106.28 million, a P/E ratio of -1.00 and a beta of -1.00. The company’s 50-day moving average is $2.56 and its 200 day moving average is $2.70.

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

Insider Activity

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

Institutional Trading of Cassava Sciences

Several large investors have recently added to or reduced their stakes in the business. Mayport LLC bought a new position in Cassava Sciences in the third quarter worth approximately $39,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of Cassava Sciences during the 3rd quarter valued at $654,000. Voleon Capital Management LP purchased a new stake in shares of Cassava Sciences in the 3rd quarter worth $414,000. ADAR1 Capital Management LLC bought a new position in Cassava Sciences in the 3rd quarter worth $236,000. Finally, Two Sigma Investments LP raised its holdings in Cassava Sciences by 7.3% in the 3rd quarter. Two Sigma Investments LP now owns 564,998 shares of the company’s stock worth $1,644,000 after purchasing an additional 38,483 shares during the period. 38.05% of the stock is currently owned by 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.