Cassava Sciences (NASDAQ:SAVA) Earns Sell (E+) Rating from Weiss Ratings

Key Points

• Cassava Sciences (NASDAQ:SAVA) has received a sell (E+) rating from Weiss Ratings, indicating analysts' pessimism about the stock's performance.
• The company's stock has been showing volatility, with a recent trading price of $3.98 and a 52-week low of $1.15 and high of $33.98.
• Insider trading activity includes CEO Richard Barry purchasing 47,308 shares at $2.29 per share, reflecting confidence from company leadership despite the sell rating.

Cassava Sciences (NASDAQ:SAVA - Get Free Report)'s stock had its "sell (e+)" rating restated by investment analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

Cassava Sciences Stock Performance

NASDAQ SAVA traded up $0.56 on Wednesday, reaching $3.98. The company had a trading volume of 4,505,812 shares, compared to its average volume of 5,104,217. The business has a 50 day moving average of $2.49 and a two-hundred day moving average of $2.09. Cassava Sciences has a fifty-two week low of $1.15 and a fifty-two week high of $33.98.

Cassava Sciences (NASDAQ:SAVA - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.18) EPS for the quarter. Sell-side analysts expect that Cassava Sciences will post -3.97 EPS for the current year.

Insider Buying and Selling

In related news, insider Robert Christopher Cook bought 13,725 shares of the business's stock in a transaction that occurred on Tuesday, September 30th. The shares were acquired at an average cost of $2.91 per share, with a total value of $39,939.75. Following the completion of the purchase, the insider directly owned 13,725 shares in the company, valued at $39,939.75. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Richard Barry bought 47,308 shares of the firm's stock in a transaction that occurred on Friday, September 19th. The stock was purchased at an average cost of $2.29 per share, with a total value of $108,335.32. Following the completion of the transaction, the chief executive officer directly owned 707,503 shares in the company, valued at $1,620,181.87. This represents a 7.17% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 258,838 shares of company stock valued at $591,645. 2.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cassava Sciences

A number of hedge funds have recently added to or reduced their stakes in the stock. TT Capital Management LLC bought a new position in shares of Cassava Sciences during the 2nd quarter worth approximately $28,000. Aristides Capital LLC bought a new position in Cassava Sciences in the 2nd quarter valued at $29,000. Ground Swell Capital LLC purchased a new stake in shares of Cassava Sciences during the 2nd quarter valued at $31,000. Catalyst Funds Management Pty Ltd bought a new stake in shares of Cassava Sciences during the 2nd quarter worth $34,000. Finally, Jump Financial LLC purchased a new position in shares of Cassava Sciences in the 2nd quarter worth about $50,000. Institutional investors and hedge funds own 38.05% of the company's stock.

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.

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