HC Wainwright began coverage on shares of Cassava Sciences (NASDAQ:SAVA) in a report released on Thursday morning, AnalystRatings.com reports. The brokerage issued a buy rating and a $3.00 target price on the stock.
“Our $3 PT was derived by using a weighted-average cost of capital of 13% for Cassava shares to discount free cash flows from our projection of annual sales of PTI-125 in Alzheimer’s disease, and dividing them by our projected number of shares for each year, which includes a public offering to raise $24 million in 2020 that results in an estimated diluted share count of 33.3 million shares by year-end 2020, to account for the effects of share dilution.”,” the firm’s analyst commented.
Separately, Maxim Group began coverage on Cassava Sciences in a report on Tuesday, June 25th. They issued a buy rating and a $3.00 price objective for the company.
NASDAQ SAVA traded up $0.07 during midday trading on Thursday, hitting $1.40. The company had a trading volume of 1,386,754 shares, compared to its average volume of 228,092. The business has a 50-day moving average of $1.31. Cassava Sciences has a twelve month low of $0.76 and a twelve month high of $2.99.
An institutional investor recently raised its position in Cassava Sciences stock. Envestnet Asset Management Inc. raised its stake in Cassava Sciences Inc (NASDAQ:SAVA) by 23.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,892 shares of the company’s stock after acquiring an additional 12,104 shares during the period. Envestnet Asset Management Inc. owned approximately 0.37% of Cassava Sciences worth $76,000 at the end of the most recent quarter. 19.42% of the stock is currently owned by institutional investors and hedge funds.
Cassava Sciences Company Profile
Cassava Sciences, Inc, a clinical-stage drug development company, develops drugs for nervous system disorders. The company's lead therapeutic product candidate PTI-125, a small molecule drug that is in Phase II clinical trial for the treatment of Alzheimer's disease. It is also developing PTI-125Dx, a blood-based biomarker/diagnostic to detect Alzheimer's disease.
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