Cassava Sciences (NASDAQ:SAVA) Shares Up 4.6%

Cassava Sciences, Inc. (NASDAQ:SAVA)’s stock price rose 4.6% during trading on Thursday . The company traded as high as $21.69 and last traded at $21.69. Approximately 481,305 shares were traded during mid-day trading, a decline of 37% from the average daily volume of 759,684 shares. The stock had previously closed at $20.74.

Wall Street Analyst Weigh In

Separately, HC Wainwright reiterated a “buy” rating and issued a $124.00 target price on shares of Cassava Sciences in a research report on Tuesday, March 5th.

Cassava Sciences Price Performance

The business has a 50-day moving average of $21.41 and a 200 day moving average of $20.02.

Cassava Sciences (NASDAQ:SAVA) last posted its earnings results on Wednesday, February 28th. The company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.10). As a group, analysts anticipate that Cassava Sciences, Inc. will post -2.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Cassava Sciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SAVA. Impact Partnership Wealth LLC purchased a new stake in Cassava Sciences during the third quarter valued at approximately $25,000. Commonwealth Equity Services LLC raised its position in Cassava Sciences by 14.7% during the third quarter. Commonwealth Equity Services LLC now owns 37,138 shares of the company’s stock valued at $618,000 after purchasing an additional 4,755 shares during the period. Clear Creek Financial Management LLC raised its position in Cassava Sciences by 9.2% during the third quarter. Clear Creek Financial Management LLC now owns 104,340 shares of the company’s stock valued at $1,736,000 after purchasing an additional 8,757 shares during the period. Raymond James & Associates raised its position in Cassava Sciences by 19.8% during the third quarter. Raymond James & Associates now owns 73,532 shares of the company’s stock valued at $1,224,000 after purchasing an additional 12,129 shares during the period. Finally, Raymond James Financial Services Advisors Inc. raised its position in Cassava Sciences by 39.7% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 14,465 shares of the company’s stock valued at $241,000 after purchasing an additional 4,108 shares during the period. 38.05% of the stock is currently 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.