Cassava Sciences (NASDAQ:SAVA) Shares Up 4.7% - Here's What Happened

Key Points

• Cassava Sciences, Inc. shares rose by 4.7% during trading, reaching a high of $4.68, with a total of 4.1 million shares traded, despite being down from its average session volume.
• Analysts have set a consensus target price of $2.00 for the stock, while one analyst forecasts a potential upside of 300% from current levels.
• CEO Richard Barry significantly increased his stake by purchasing 190,633 shares at an average price of $2.24, reflecting growing insider confidence in the company's future.

Cassava Sciences, Inc. (NASDAQ:SAVA - Get Free Report) shares shot up 4.7% during trading on Wednesday . The company traded as high as $4.68 and last traded at $4.64. 4,145,907 shares were traded during mid-day trading, a decline of 30% from the average session volume of 5,933,926 shares. The stock had previously closed at $4.43.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a "sell (e+)" rating on shares of Cassava Sciences in a report on Wednesday, October 8th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Reduce" and a consensus target price of $2.00.

Cassava Sciences Trading Up 4.7%

The firm has a market cap of $224.16 million, a PE ratio of -1.82 and a beta of -0.98. The business has a fifty day moving average price of $2.69 and a 200 day moving average price of $2.16.

Cassava Sciences (NASDAQ:SAVA - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.18) earnings per share (EPS) for the quarter. On average, research analysts expect that Cassava Sciences, Inc. will post -3.97 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Richard Barry purchased 190,633 shares of the company's stock in a transaction that occurred on Thursday, September 18th. The shares were purchased at an average price of $2.24 per share, for a total transaction of $427,017.92. Following the purchase, the chief executive officer directly owned 660,195 shares of the company's stock, valued at $1,478,836.80. This represents a 40.60% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert Christopher Cook purchased 13,725 shares of the company's stock in a transaction that occurred on Tuesday, September 30th. The shares were purchased at an average price of $2.91 per share, for a total transaction of $39,939.75. Following 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 disclosure for this purchase can be found here. Insiders have purchased a total of 258,838 shares of company stock worth $591,645 in the last 90 days. 2.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. grew its stake in Cassava Sciences by 77.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 496,313 shares of the company's stock worth $744,000 after buying an additional 217,404 shares during the last quarter. GMT Capital Corp acquired a new stake in Cassava Sciences during the 1st quarter worth approximately $675,000. Apollon Wealth Management LLC lifted its position in Cassava Sciences by 30.0% during the 1st quarter. Apollon Wealth Management LLC now owns 40,237 shares of the company's stock worth $60,000 after acquiring an additional 9,288 shares during the period. Federated Hermes Inc. lifted its position in Cassava Sciences by 426.9% during the 1st quarter. Federated Hermes Inc. now owns 37,410 shares of the company's stock worth $56,000 after acquiring an additional 30,310 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Cassava Sciences by 13.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 361,253 shares of the company's stock worth $542,000 after acquiring an additional 41,511 shares during the period. Hedge funds and other institutional investors 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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