Cassava Sciences (NASDAQ:SAVA) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Cassava Sciences (NASDAQ:SAVA) from a sell rating to a hold rating in a research report released on Wednesday, Zacks.com reports.

According to Zacks, “Cassava Sciences Inc. is focused on the early detection and treatment of neurodegenerative diseases, such as Alzheimer’s. Cassava Sciences Inc., formerly known as Pain Therapeutics Inc., is based in Austin, United States. “

NASDAQ SAVA opened at $45.88 on Wednesday. Cassava Sciences has a 52-week low of $9.98 and a 52-week high of $146.16. The company has a 50-day simple moving average of $50.98 and a 200 day simple moving average of $66.72. The company has a market capitalization of $1.84 billion, a PE ratio of -83.42 and a beta of 0.39.

Cassava Sciences (NASDAQ:SAVA) last posted its quarterly earnings data on Wednesday, November 10th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.09). On average, research analysts predict that Cassava Sciences will post -0.87 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of SAVA. Voloridge Investment Management LLC purchased a new stake in Cassava Sciences during the third quarter worth about $13,799,000. Morgan Stanley boosted its position in Cassava Sciences by 117.8% during the third quarter. Morgan Stanley now owns 354,469 shares of the company’s stock worth $22,006,000 after purchasing an additional 191,738 shares during the period. State Street Corp boosted its position in Cassava Sciences by 26.7% during the second quarter. State Street Corp now owns 869,878 shares of the company’s stock worth $74,322,000 after purchasing an additional 183,568 shares during the period. Invesco Ltd. boosted its position in Cassava Sciences by 793.1% during the second quarter. Invesco Ltd. now owns 173,064 shares of the company’s stock worth $14,787,000 after purchasing an additional 153,686 shares during the period. Finally, BlackRock Inc. boosted its position in Cassava Sciences by 6.2% during the third quarter. BlackRock Inc. now owns 2,603,878 shares of the company’s stock worth $161,651,000 after purchasing an additional 151,999 shares during the period. Institutional investors and hedge funds own 29.68% of the company’s stock.

About Cassava Sciences

Cassava Sciences, Inc engages in the development of novel drugs and diagnostics. It focuses on developing product candidates intended for the treatment of Alzheimer’s disease, including PTI-125 and PTI-125Dx. The company was founded by Remi Barbier and Barry M. Sherman in May 1998 and is headquartered in Austin, TX.

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