Cassava Sciences Inc (NASDAQ:SAVA) shares were down 6.7% during trading on Monday . The stock traded as low as $1.61 and last traded at $1.67, approximately 2,470,810 shares changed hands during trading. An increase of 547% from the average daily volume of 381,815 shares. The stock had previously closed at $1.79.
A number of research analysts have recently weighed in on the company. Maxim Group restated a “buy” rating and set a $3.00 price objective on shares of Cassava Sciences in a research report on Wednesday, September 18th. Zacks Investment Research raised Cassava Sciences from a “hold” rating to a “strong-buy” rating and set a $1.50 target price on the stock in a report on Thursday, November 14th. HC Wainwright reiterated a “buy” rating and issued a $6.00 target price (up from $3.00) on shares of Cassava Sciences in a research report on Friday. Finally, ValuEngine raised Cassava Sciences from a “strong sell” rating to a “sell” rating in a research note on Tuesday, November 12th.
The firm has a market capitalization of $28.76 million, a PE ratio of -2.74 and a beta of 1.85. The company has a fifty day moving average price of $1.38 and a 200-day moving average price of $1.31.
An institutional investor recently raised its position in Cassava Sciences stock. Envestnet Asset Management Inc. grew its holdings in Cassava Sciences Inc (NASDAQ:SAVA) by 23.8% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 62,892 shares of the company’s stock after buying an additional 12,104 shares during the period. Envestnet Asset Management Inc. owned approximately 0.37% of Cassava Sciences worth $76,000 as of its most recent filing with the Securities & Exchange Commission. 10.60% of the stock is owned by institutional investors and hedge funds.
About Cassava Sciences (NASDAQ:SAVA)
Cassava Sciences, Inc, a clinical-stage drug development company, develops drugs for nervous system disorders. The company's lead therapeutic product candidate PTI-125, a small molecule drug that is in Phase II clinical trial for the treatment of Alzheimer's disease. It is also developing PTI-125Dx, a blood-based biomarker/diagnostic to detect Alzheimer's disease.
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