Cassava Sciences (NASDAQ:SAVA) Shares Gap Up - Time to Buy?

Cassava Sciences, Inc. (NASDAQ:SAVA - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $25.41, but opened at $27.24. Cassava Sciences shares last traded at $31.20, with a volume of 2,112,983 shares trading hands.

Analysts Set New Price Targets

A number of analysts have recently commented on SAVA shares. Rodman & Renshaw reiterated a "buy" rating and set a $107.00 target price on shares of Cassava Sciences in a research report on Thursday, August 8th. HC Wainwright raised Cassava Sciences from a "neutral" rating to a "buy" rating and set a $116.00 price target on the stock in a research report on Tuesday.

Cassava Sciences Stock Performance

The company has a market capitalization of $1.25 billion, a PE ratio of -12.00 and a beta of -0.63. The company's 50-day simple moving average is $27.97 and its 200-day simple moving average is $22.09.

Cassava Sciences (NASDAQ:SAVA - Get Free Report) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.44) by $0.57. During the same period in the previous year, the business posted ($0.63) EPS. Analysts expect that Cassava Sciences, Inc. will post -5.7 EPS for the current year.

Institutional Investors Weigh In On Cassava Sciences

Large investors have recently modified their holdings of the stock. Arizona State Retirement System lifted its holdings in Cassava Sciences by 4.2% in the second quarter. Arizona State Retirement System now owns 11,495 shares of the company's stock valued at $142,000 after acquiring an additional 468 shares during the period. Janney Montgomery Scott LLC grew its position in Cassava Sciences by 3.6% during the first quarter. Janney Montgomery Scott LLC now owns 14,690 shares of the company's stock worth $298,000 after buying an additional 506 shares during the period. Profund Advisors LLC increased 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 buying an additional 591 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its position in shares of Cassava Sciences by 5.7% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 12,149 shares of the company's stock valued at $247,000 after acquiring an additional 650 shares during the period. Finally, NBC Securities Inc. lifted its position in shares of Cassava Sciences by 9.3% during the 1st quarter. NBC Securities Inc. now owns 7,650 shares of the company's stock valued at $155,000 after acquiring an additional 650 shares during the period. Hedge funds and other institutional investors own 38.05% of the company's stock.

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.