Cassava Sciences (NASDAQ:SAVA) Trading 6.5% Higher

Cassava Sciences, Inc. (NASDAQ:SAVA) shares traded up 6.5% on Monday . The company traded as high as $31.59 and last traded at $30.35. 1,525,115 shares traded hands during mid-day trading, a decline of 12% from the average session volume of 1,727,970 shares. The stock had previously closed at $28.51.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on SAVA shares. HC Wainwright reaffirmed a “neutral” rating on shares of Cassava Sciences in a report on Tuesday, August 13th. Rodman & Renshaw reiterated a “buy” rating and issued a $107.00 price objective on shares of Cassava Sciences in a research report on Thursday, August 8th.

Cassava Sciences Stock Performance

The business has a fifty day simple moving average of $18.60 and a 200 day simple moving average of $20.65. The stock has a market cap of $1.50 billion, a price-to-earnings ratio of -14.38 and a beta of -0.57.

Cassava Sciences (NASDAQ:SAVA) last posted its quarterly earnings data on Thursday, August 8th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.57. During the same period last year, the business posted ($0.63) EPS. On average, equities research analysts anticipate that Cassava Sciences, Inc. will post -5.7 EPS for the current fiscal year.

Institutional Trading of Cassava Sciences

Hedge funds and other institutional investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company boosted its holdings in shares of Cassava Sciences by 11.7% during the second quarter. The Manufacturers Life Insurance Company now owns 22,700 shares of the company’s stock worth $280,000 after purchasing an additional 2,377 shares during the last quarter. Dark Forest Capital Management LP acquired a new stake in Cassava Sciences in the 2nd quarter worth about $131,000. Profund Advisors LLC grew its holdings in Cassava Sciences by 4.6% in the 2nd quarter. Profund Advisors LLC now owns 13,440 shares of the company’s stock valued at $166,000 after buying an additional 591 shares during the period. Ensign Peak Advisors Inc increased its stake in shares of Cassava Sciences by 12.7% during the 2nd quarter. Ensign Peak Advisors Inc now owns 16,396 shares of the company’s stock valued at $202,000 after acquiring an additional 1,850 shares during the last quarter. Finally, PFG Investments LLC lifted its holdings in shares of Cassava Sciences by 4.6% during the 2nd quarter. PFG Investments LLC now owns 22,880 shares of the company’s stock worth $283,000 after acquiring an additional 1,000 shares during the period. 38.05% of the stock is owned by hedge funds and other institutional investors.

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.