Cassava Sciences (NASDAQ:SAVA) Trading 5.1% Higher – What’s Next?

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

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. HC Wainwright raised shares of Cassava Sciences from a “neutral” rating to a “buy” rating and set a $116.00 price objective on the stock in a research note on Tuesday, October 8th. Rodman & Renshaw reaffirmed a “buy” rating and set a $107.00 price objective on shares of Cassava Sciences in a research note on Thursday, August 8th.

Cassava Sciences Price Performance

The company’s 50 day moving average price is $28.16 and its 200 day moving average price is $22.24. The firm has a market capitalization of $1.29 billion, a P/E ratio of -12.58 and a beta of -0.63.

Cassava Sciences (NASDAQ:SAVA) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of ($0.44) by $0.57. During the same quarter in the prior year, the firm earned ($0.63) EPS. On average, research analysts anticipate that Cassava Sciences, Inc. will post -5.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Cassava Sciences

Several large investors have recently bought and sold shares of SAVA. EntryPoint Capital LLC lifted its holdings in Cassava Sciences by 1,251.2% in the first quarter. EntryPoint Capital LLC now owns 2,297 shares of the company’s stock valued at $47,000 after buying an additional 2,127 shares during the period. Dark Forest Capital Management LP acquired a new position in Cassava Sciences in the second quarter valued at approximately $131,000. Arizona State Retirement System lifted its holdings in Cassava Sciences by 4.2% in the second quarter. Arizona State Retirement System now owns 11,495 shares of the company’s stock valued at $142,000 after buying an additional 468 shares during the period. NBC Securities Inc. raised its holdings in Cassava Sciences by 9.3% in the first quarter. NBC Securities Inc. now owns 7,650 shares of the company’s stock worth $155,000 after purchasing an additional 650 shares during the period. Finally, Profund Advisors LLC raised its holdings in Cassava Sciences by 4.6% in the second quarter. Profund Advisors LLC now owns 13,440 shares of the company’s stock worth $166,000 after purchasing an additional 591 shares during the period. 38.05% of the stock is currently 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.