Cassava Sciences (NASDAQ:SAVA) Trading Up 9.1% – Here’s Why

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

Analysts Set New Price Targets

A number of research firms have recently commented on SAVA. Rodman & Renshaw reaffirmed a “buy” rating and set a $107.00 target price on shares of Cassava Sciences in a research note on Thursday, August 8th. HC Wainwright reaffirmed 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 Price Performance

The firm’s 50-day simple moving average is $27.59 and its 200-day simple moving average is $23.35.

Cassava Sciences (NASDAQ:SAVA) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.58) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.37) by $0.79. During the same period in the prior year, the firm posted ($0.61) earnings per share. As a group, equities research analysts anticipate that Cassava Sciences, Inc. will post -3.63 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC purchased a new position in shares of Cassava Sciences in the 3rd quarter valued at $10,610,000. State Board of Administration of Florida Retirement System grew its stake in Cassava Sciences by 5.7% in the first quarter. State Board of Administration of Florida Retirement System now owns 12,149 shares of the company’s stock valued at $247,000 after purchasing an additional 650 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its position in shares of Cassava Sciences by 146.7% during the first quarter. CANADA LIFE ASSURANCE Co now owns 9,408 shares of the company’s stock valued at $191,000 after buying an additional 5,594 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Cassava Sciences by 1.4% during the first quarter. Vanguard Group Inc. now owns 2,356,480 shares of the company’s stock valued at $47,813,000 after buying an additional 31,854 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Cassava Sciences by 18.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 140,847 shares of the company’s stock valued at $1,739,000 after buying an additional 21,558 shares in the last quarter. Hedge funds and other institutional investors own 38.05% of the company’s stock.

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.