Cassava Sciences (NASDAQ:SAVA) Stock Price Up 9.1% – Time to Buy?

Cassava Sciences, Inc. (NASDAQ:SAVA) traded up 9.1% during trading on Thursday . The stock traded as high as $28.50 and last traded at $28.41. 633,063 shares changed hands during trading, a decline of 63% from the average session volume of 1,699,846 shares. The stock had previously closed at $26.05.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Rodman & Renshaw restated a “buy” rating and issued a $107.00 target price on shares of Cassava Sciences in a research note on Thursday, August 8th. HC Wainwright reissued a “buy” rating and issued a $116.00 price objective on shares of Cassava Sciences in a research report on Friday, November 8th.

Cassava Sciences Trading Up 23.5 %

The company’s 50-day moving average is $27.51 and its 200 day moving average is $23.29. The stock has a market capitalization of $1.55 billion, a PE ratio of -20.40 and a beta of -0.59.

Cassava Sciences (NASDAQ:SAVA) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.58) EPS for the quarter, topping the consensus estimate of ($1.37) by $0.79. During the same quarter last year, the company earned ($0.61) EPS. Sell-side analysts forecast that Cassava Sciences, Inc. will post -3.63 EPS for the current fiscal year.

Institutional Trading of Cassava Sciences

Large investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new stake in shares of Cassava Sciences during the third quarter worth about $10,610,000. State Board of Administration of Florida Retirement System raised its position in Cassava Sciences by 5.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 12,149 shares of the company’s stock worth $247,000 after buying an additional 650 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in Cassava Sciences by 146.7% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 9,408 shares of the company’s stock valued at $191,000 after acquiring an additional 5,594 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Cassava Sciences by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 2,356,480 shares of the company’s stock valued at $47,813,000 after acquiring an additional 31,854 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Cassava Sciences by 18.1% in the second quarter. Bank of New York Mellon Corp now owns 140,847 shares of the company’s stock worth $1,739,000 after acquiring an additional 21,558 shares during the period. Hedge funds and other institutional investors own 38.05% of the company’s stock.

Cassava Sciences Company Profile

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.