Cassava Sciences (NASDAQ:SAVA) Lowered to “Sell” Rating by Wall Street Zen

Cassava Sciences (NASDAQ:SAVA) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Cassava Sciences in a research report on Friday, December 26th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $2.00.

Cassava Sciences Trading Down 5.2%

Shares of SAVA opened at $2.20 on Friday. The company has a market cap of $106.28 million, a PE ratio of -1.00 and a beta of -1.00. The stock has a 50-day moving average price of $2.56 and a 200-day moving average price of $2.70. Cassava Sciences has a 12-month low of $1.15 and a 12-month high of $4.98.

Cassava Sciences (NASDAQ:SAVA) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.22) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.05. As a group, analysts predict that Cassava Sciences will post -3.97 earnings per share for the current year.

Insider Activity

In other news, CEO Richard Barry acquired 73,385 shares of the firm’s stock in a transaction on Wednesday, November 19th. The shares were purchased at an average price of $2.75 per share, for a total transaction of $201,808.75. Following the completion of the transaction, the chief executive officer owned 788,060 shares of the company’s stock, valued at $2,167,165. The trade was a 10.27% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. TT Capital Management LLC purchased a new stake in Cassava Sciences in the 2nd quarter worth approximately $28,000. Aristides Capital LLC purchased a new position in shares of Cassava Sciences during the second quarter valued at approximately $29,000. Eagle Wealth Strategies LLC bought a new position in shares of Cassava Sciences during the third quarter valued at approximately $29,000. Ground Swell Capital LLC bought a new position in shares of Cassava Sciences during the second quarter valued at approximately $31,000. Finally, Catalyst Funds Management Pty Ltd purchased a new stake in Cassava Sciences in the second quarter worth $34,000. Hedge funds and other institutional investors own 38.05% of the company’s stock.

Cassava Sciences Company Profile

Cassava Sciences, Inc is a clinical-stage biopharmaceutical company focused on the development of novel therapies and diagnostics for Alzheimer’s disease and related neurodegenerative disorders. Headquartered in Austin, Texas, the company was originally founded as Pain Therapeutics in 1998 and rebranded to Cassava Sciences in 2017. Cassava’s research program centers on small molecules designed to address underlying mechanisms of neurodegeneration rather than solely targeting amyloid plaques or tau tangles.

The company’s lead drug candidate, simufilam (formerly PTI-125), is a proprietary small molecule that aims to restore normal shape and function to the scaffolding protein filamin A, which has been implicated in impaired neuronal signaling and inflammation in Alzheimer’s patients.