Cassava Sciences (NASDAQ:SAVA) Trading 9.1% Higher – Still a Buy?

Cassava Sciences, Inc. (NASDAQ:SAVA)’s share price shot up 9.1% on Thursday . The company traded as high as $28.50 and last traded at $28.41. 633,063 shares traded hands 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.

Wall Street Analysts Forecast Growth

SAVA has been the topic of several research analyst reports. HC Wainwright restated a “buy” rating and set a $116.00 target price on shares of Cassava Sciences in a research note on Friday, November 8th. Rodman & Renshaw restated a “buy” rating and set a $107.00 price objective on shares of Cassava Sciences in a report on Thursday, August 8th.

Cassava Sciences Price Performance

The stock has a 50-day moving average of $27.59 and a 200 day moving average of $23.35.

Cassava Sciences (NASDAQ:SAVA) last posted its earnings results on Thursday, November 7th. The company reported ($0.58) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.37) by $0.79. During the same quarter last year, the company earned ($0.61) EPS. As a group, equities analysts expect that Cassava Sciences, Inc. will post -3.63 EPS for the current year.

Hedge Funds Weigh In On Cassava Sciences

Several institutional investors have recently made changes to their positions in SAVA. Vanguard Group Inc. grew its position in 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 period. Geode Capital Management LLC boosted its stake in shares of Cassava Sciences by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,008,593 shares of the company’s stock worth $29,688,000 after acquiring an additional 41,289 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Cassava Sciences by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 361,797 shares of the company’s stock valued at $10,648,000 after acquiring an additional 10,429 shares during the period. Clear Creek Financial Management LLC increased its stake in shares of Cassava Sciences by 5.5% in the 3rd quarter. Clear Creek Financial Management LLC now owns 153,533 shares of the company’s stock valued at $4,518,000 after purchasing an additional 7,983 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Cassava Sciences by 18.1% during the second quarter. Bank of New York Mellon Corp now owns 140,847 shares of the company’s stock worth $1,739,000 after purchasing an additional 21,558 shares in the last quarter. 38.05% of the stock is owned by hedge funds and other institutional investors.

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.