Cassava Sciences (NASDAQ:SAVA) was upgraded by Zacks Investment Research from a "sell" rating to a "hold" rating in a report released on Friday, Zacks.com reports.
According to Zacks, "Cassava Sciences Inc. is focused on the early detection and treatment of neurodegenerative diseases, such as Alzheimer's. Cassava Sciences Inc., formerly known as Pain Therapeutics Inc., is based in Austin, United States. "
Several other brokerages have also recently issued reports on SAVA. HC Wainwright raised their target price on shares of Cassava Sciences from $97.00 to $124.00 and gave the stock a "buy" rating in a report on Tuesday. Cantor Fitzgerald lowered Cassava Sciences from an "overweight" rating to a "neutral" rating and set a $100.00 price target for the company. in a research note on Thursday, July 15th. Finally, B. Riley raised their price target on Cassava Sciences from $78.00 to $111.00 and gave the stock a "buy" rating in a research note on Wednesday, June 23rd. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of "Buy" and an average target price of $79.60.
Shares of Cassava Sciences stock opened at $126.61 on Friday. Cassava Sciences has a 52-week low of $2.78 and a 52-week high of $130.47. The company has a market capitalization of $5.07 billion, a PE ratio of -436.57 and a beta of 1.09. The business has a 50 day moving average price of $75.29.
Cassava Sciences (NASDAQ:SAVA) last issued its earnings results on Tuesday, April 20th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.01. Sell-side analysts predict that Cassava Sciences will post -0.76 earnings per share for the current year.
A number of institutional investors have recently made changes to their positions in SAVA. Nuveen Asset Management LLC lifted its position in Cassava Sciences by 569.1% during the fourth quarter. Nuveen Asset Management LLC now owns 611,863 shares of the company's stock valued at $2,032,000 after buying an additional 520,414 shares during the period. BlackRock Inc. increased its holdings in shares of Cassava Sciences by 22.0% during the first quarter. BlackRock Inc. now owns 2,404,922 shares of the company's stock valued at $108,102,000 after acquiring an additional 434,153 shares in the last quarter. Bleichroeder LP increased its holdings in shares of Cassava Sciences by 75.9% during the first quarter. Bleichroeder LP now owns 500,000 shares of the company's stock valued at $22,475,000 after acquiring an additional 215,686 shares in the last quarter. Morgan Stanley increased its holdings in shares of Cassava Sciences by 337.0% during the first quarter. Morgan Stanley now owns 223,362 shares of the company's stock valued at $10,040,000 after acquiring an additional 172,250 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings in shares of Cassava Sciences by 187.3% during the fourth quarter. Wells Fargo & Company MN now owns 164,571 shares of the company's stock valued at $1,122,000 after acquiring an additional 107,286 shares in the last quarter. 26.57% 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 2b clinical trial; and investigational diagnostic product candidate is SavaDx, a blood-based biomarker/diagnostic to detect Alzheimer's disease.
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