The Manufacturers Life Insurance Company Boosts Stake in Cassava Sciences, Inc. (NASDAQ:SAVA)

The Manufacturers Life Insurance Company boosted its holdings in Cassava Sciences, Inc. (NASDAQ:SAVA) by 11.7% in the 2nd quarter, HoldingsChannel reports. The fund owned 22,700 shares of the company’s stock after acquiring an additional 2,377 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Cassava Sciences were worth $280,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. EntryPoint Capital LLC boosted its stake in shares of Cassava Sciences by 1,251.2% during the 1st quarter. EntryPoint Capital LLC now owns 2,297 shares of the company’s stock worth $47,000 after acquiring an additional 2,127 shares in the last quarter. Dark Forest Capital Management LP acquired a new position in Cassava Sciences during the second quarter worth $131,000. Arizona State Retirement System raised its holdings in Cassava Sciences by 4.2% during the second quarter. Arizona State Retirement System now owns 11,495 shares of the company’s stock worth $142,000 after purchasing an additional 468 shares during the last quarter. NBC Securities Inc. boosted its position in Cassava Sciences by 9.3% during the first quarter. NBC Securities Inc. now owns 7,650 shares of the company’s stock worth $155,000 after purchasing an additional 650 shares in the last quarter. Finally, Profund Advisors LLC grew its holdings in Cassava Sciences by 4.6% in the second quarter. Profund Advisors LLC now owns 13,440 shares of the company’s stock valued at $166,000 after purchasing an additional 591 shares during the last quarter. Institutional investors and hedge funds own 38.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SAVA. HC Wainwright raised Cassava Sciences from a “neutral” rating to a “buy” rating and set a $116.00 price target for the company in a research note on Tuesday, October 8th. Rodman & Renshaw restated a “buy” rating and set a $107.00 target price on shares of Cassava Sciences in a research report on Thursday, August 8th.

Cassava Sciences Stock Performance

Shares of NASDAQ:SAVA opened at $29.58 on Friday. The business’s fifty day moving average price is $28.02 and its two-hundred day moving average price is $22.45. The stock has a market cap of $1.42 billion, a PE ratio of -13.63 and a beta of -0.63. Cassava Sciences, Inc. has a one year low of $8.79 and a one year high of $42.20.

Cassava Sciences (NASDAQ:SAVA) last released its earnings results on Thursday, August 8th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.57. During the same quarter in the previous year, the business earned ($0.63) earnings per share. As a group, equities research analysts predict that Cassava Sciences, Inc. will post -5.7 earnings per share for the current fiscal year.

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.