Cassava Sciences, Inc. (NASDAQ:SAVA) was the recipient of unusually large options trading on Wednesday. Stock traders bought 19,592 call options on the company. This is an increase of 2,039% compared to the typical daily volume of 916 call options.
SAVA has been the topic of a number of recent research reports. Cantor Fitzgerald initiated coverage on Cassava Sciences in a research note on Thursday, October 22nd. They issued an “overweight” rating and a $24.00 target price on the stock. BidaskClub raised Cassava Sciences from a “sell” rating to a “hold” rating in a research note on Thursday, November 5th. HC Wainwright raised Cassava Sciences from a “neutral” rating to a “buy” rating and set a $20.00 target price on the stock in a research note on Wednesday, September 23rd. Zacks Investment Research cut Cassava Sciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 16th. Finally, ValuEngine raised Cassava Sciences from a “hold” rating to a “buy” rating in a research report on Tuesday, January 5th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $16.63.
Cassava Sciences stock opened at $11.45 on Thursday. Cassava Sciences has a one year low of $1.63 and a one year high of $12.99. The stock has a market capitalization of $292.88 million, a PE ratio of -52.05 and a beta of 1.60. The business’s fifty day moving average is $7.72 and its 200 day moving average is $6.69.
A number of hedge funds have recently bought and sold shares of SAVA. Bank of America Corp DE lifted its holdings in Cassava Sciences by 169.5% in the second quarter. Bank of America Corp DE now owns 10,080 shares of the company’s stock valued at $31,000 after acquiring an additional 6,340 shares during the period. American International Group Inc. bought a new position in Cassava Sciences in the second quarter valued at about $44,000. JBF Capital Inc. bought a new position in Cassava Sciences in the third quarter valued at about $46,000. Simon Quick Advisors LLC bought a new position in Cassava Sciences in the third quarter valued at about $58,000. Finally, The Manufacturers Life Insurance Company bought a new position in Cassava Sciences in the third quarter valued at about $153,000. 24.07% of the stock is currently owned by institutional investors.
Cassava Sciences Company Profile
Cassava Sciences, Inc, a clinical stage biotechnology company, develops drugs for nervous system disorders. Its lead therapeutic product candidate is PTI-125, a small molecule drug, which is completed Phase 2b clinical trial; and investigational diagnostic product candidate is SavaDx, a blood-based biomarker/diagnostic to detect Alzheimer's disease.
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