Cassava Sciences (NASDAQ:SAVA) Shares Up 3.8%

Cassava Sciences, Inc. (NASDAQ:SAVA) shares were up 3.8% during mid-day trading on Monday . The stock traded as high as $23.43 and last traded at $22.69. Approximately 323,126 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 1,687,591 shares. The stock had previously closed at $21.85.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Rodman & Renshaw reissued a “buy” rating and set a $107.00 price target on shares of Cassava Sciences in a research report on Thursday. HC Wainwright reaffirmed a “neutral” rating on shares of Cassava Sciences in a research note on Friday, July 19th.

Cassava Sciences Stock Performance

The business’s fifty day moving average is $17.45 and its 200-day moving average is $20.45. The firm has a market cap of $1.03 billion, a P/E ratio of -10.32 and a beta of -0.57.

Cassava Sciences (NASDAQ:SAVA) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.57. During the same quarter last year, the firm earned ($0.63) EPS. Analysts predict that Cassava Sciences, Inc. will post -1.86 EPS for the current fiscal year.

Hedge Funds Weigh In On Cassava Sciences

A number of institutional investors have recently modified their holdings of the company. PFG Investments LLC raised its stake in shares of Cassava Sciences by 4.6% in the second 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. Arizona State Retirement System raised its holdings in Cassava Sciences by 4.2% during the 2nd quarter. Arizona State Retirement System now owns 11,495 shares of the company’s stock valued at $142,000 after acquiring an additional 468 shares during the period. Rhumbline Advisers grew its holdings in Cassava Sciences by 4.1% during the 2nd quarter. Rhumbline Advisers now owns 59,259 shares of the company’s stock valued at $732,000 after buying an additional 2,322 shares in the last quarter. Commonwealth Equity Services LLC lifted its stake in Cassava Sciences by 7.5% in the 2nd quarter. Commonwealth Equity Services LLC now owns 48,451 shares of the company’s stock worth $598,000 after purchasing an additional 3,384 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Cassava Sciences by 18.1% in the second quarter. Bank of New York Mellon Corp now owns 140,847 shares of the company’s stock worth $1,739,000 after buying an additional 21,558 shares in the last quarter. 38.05% of the stock is owned by institutional investors and hedge funds.

About Cassava Sciences

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.