Cassava Sciences (NASDAQ:SAVA) Shares Up 5.1% – Here’s Why

Cassava Sciences, Inc. (NASDAQ:SAVA) traded up 5.1% during trading on Monday . The company traded as high as $27.18 and last traded at $27.11. 382,875 shares were traded during mid-day trading, a decline of 78% from the average session volume of 1,740,483 shares. The stock had previously closed at $25.80.

Analyst Ratings Changes

SAVA has been the subject of a number of research analyst reports. HC Wainwright raised shares of Cassava Sciences from a “neutral” rating to a “buy” rating and set a $116.00 price objective for the company in a report on Tuesday, October 8th. 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.

Cassava Sciences Price Performance

The business has a 50-day moving average of $27.96 and a 200 day moving average of $22.35. The company has a market capitalization of $1.37 billion, a PE ratio of -13.02 and a beta of -0.63.

Cassava Sciences (NASDAQ:SAVA) last posted its earnings results on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.57. During the same quarter in the previous year, the business earned ($0.63) earnings per share. As a group, research analysts anticipate that Cassava Sciences, Inc. will post -5.7 EPS for the current year.

Institutional Trading of Cassava Sciences

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Cassava Sciences by 1.4% in the first quarter. Vanguard Group Inc. now owns 2,356,480 shares of the company’s stock worth $47,813,000 after acquiring an additional 31,854 shares in the last quarter. Gallacher Capital Management LLC increased its position in shares of Cassava Sciences by 0.6% during the 1st quarter. Gallacher Capital Management LLC now owns 585,381 shares of the company’s stock valued at $11,877,000 after purchasing an additional 3,775 shares during the last quarter. Clear Creek Financial Management LLC increased its position in shares of Cassava Sciences by 5.1% during the 2nd quarter. Clear Creek Financial Management LLC now owns 145,550 shares of the company’s stock valued at $1,798,000 after purchasing an additional 7,025 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Cassava Sciences by 18.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 140,847 shares of the company’s stock valued at $1,739,000 after buying an additional 21,558 shares during the period. Finally, Rhumbline Advisers lifted its position in Cassava Sciences by 4.1% in the second quarter. Rhumbline Advisers now owns 59,259 shares of the company’s stock worth $732,000 after buying an additional 2,322 shares during the last quarter. 38.05% of the stock is currently owned by institutional investors.

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.