Cassava Sciences (NASDAQ:SAVA) Shares Gap Up to $18.02

Cassava Sciences, Inc. (NASDAQ:SAVA)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $18.02, but opened at $18.53. Cassava Sciences shares last traded at $18.91, with a volume of 1,273,576 shares changing hands.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “neutral” rating on shares of Cassava Sciences in a report on Friday, July 19th.

Cassava Sciences Stock Performance

The firm’s 50 day moving average is $16.67 and its 200-day moving average is $20.43. The firm has a market cap of $871.32 million, a price-to-earnings ratio of -8.24 and a beta of -0.57.

Cassava Sciences (NASDAQ:SAVA) last released its quarterly earnings results on Friday, May 10th. The company reported ($1.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.51) by ($0.90). As a group, research analysts predict that Cassava Sciences, Inc. will post -1.86 EPS for the current year.

Institutional Trading of Cassava Sciences

Large investors have recently modified their holdings of the company. Bank of New York Mellon Corp raised its holdings in 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 worth $1,739,000 after acquiring an additional 21,558 shares during the period. Clear Creek Financial Management LLC grew its position in shares of Cassava Sciences by 5.1% in the second quarter. Clear Creek Financial Management LLC now owns 145,550 shares of the company’s stock valued at $1,798,000 after purchasing an additional 7,025 shares during the last quarter. Essex LLC grew its position in shares of Cassava Sciences by 9.2% in the second quarter. Essex LLC now owns 55,318 shares of the company’s stock valued at $683,000 after purchasing an additional 4,644 shares during the last quarter. Brookstone Capital Management increased its stake in shares of Cassava Sciences by 6.0% in the second quarter. Brookstone Capital Management now owns 17,753 shares of the company’s stock worth $219,000 after purchasing an additional 1,000 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Cassava Sciences by 4.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,327 shares of the company’s stock worth $636,000 after purchasing an additional 1,456 shares during the last quarter. 38.05% of the stock is owned by institutional investors.

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.