Cassava Sciences (NASDAQ:SAVA) Trading 4.6% Higher

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

Analyst Upgrades and Downgrades

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

Cassava Sciences Stock Up 2.8 %

The stock has a fifty day simple moving average of $21.41 and a two-hundred day simple moving average of $20.02.

Cassava Sciences (NASDAQ:SAVA) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.10). Equities research analysts expect that Cassava Sciences, Inc. will post -2.01 earnings per share for the current year.

Institutional Inflows and Outflows

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