Cassava Sciences, Inc. (NASDAQ:SAVA) Sees Large Growth in Short Interest

Cassava Sciences, Inc. (NASDAQ:SAVA) was the target of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 7,900,000 shares, an increase of 46.3% from the August 15th total of 5,400,000 shares. Approximately 21.2% of the shares of the company are sold short. Based on an average daily volume of 6,930,000 shares, the short-interest ratio is currently 1.1 days.

Several institutional investors and hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC boosted its holdings in shares of Cassava Sciences by 1.2% in the 2nd quarter. AQR Capital Management LLC now owns 17,322 shares of the company’s stock worth $1,480,000 after purchasing an additional 200 shares in the last quarter. B. Riley Wealth Management Inc. boosted its holdings in shares of Cassava Sciences by 4.7% in the 2nd quarter. B. Riley Wealth Management Inc. now owns 5,061 shares of the company’s stock worth $432,000 after purchasing an additional 226 shares in the last quarter. Ameritas Investment Partners Inc. boosted its holdings in shares of Cassava Sciences by 8.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,000 shares of the company’s stock worth $256,000 after purchasing an additional 238 shares in the last quarter. Apollon Wealth Management LLC boosted its holdings in shares of Cassava Sciences by 6.3% in the 2nd quarter. Apollon Wealth Management LLC now owns 6,444 shares of the company’s stock worth $551,000 after purchasing an additional 381 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its holdings in shares of Cassava Sciences by 896.7% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 608 shares of the company’s stock worth $27,000 after purchasing an additional 547 shares in the last quarter. Hedge funds and other institutional investors own 27.17% of the company’s stock.

Several research analysts have weighed in on SAVA shares. B. Riley boosted their price objective on Cassava Sciences from $111.00 to $145.00 and gave the stock a “buy” rating in a research report on Tuesday, August 3rd. Jonestrading reaffirmed a “buy” rating and set a $215.00 price target on shares of Cassava Sciences in a research report on Friday, September 3rd. Zacks Investment Research raised Cassava Sciences from a “sell” rating to a “hold” rating in a research report on Wednesday, August 11th. Cantor Fitzgerald cut Cassava Sciences from an “overweight” rating to a “neutral” rating and set a $100.00 price target on the stock. in a research report on Thursday, July 15th. Finally, HC Wainwright upped their price target on Cassava Sciences from $97.00 to $124.00 and gave the company a “buy” rating in a research report on Tuesday, July 20th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Cassava Sciences currently has a consensus rating of “Buy” and a consensus price target of $126.60.

Shares of NASDAQ:SAVA traded down $0.81 during midday trading on Monday, reaching $47.70. 89,638 shares of the company traded hands, compared to its average volume of 5,581,697. The firm has a market capitalization of $1.91 billion, a price-to-earnings ratio of -131.10 and a beta of 0.97. The firm’s fifty day moving average price is $85.77 and its two-hundred day moving average price is $66.45. Cassava Sciences has a 12 month low of $6.70 and a 12 month high of $146.16.

Cassava Sciences (NASDAQ:SAVA) last announced its earnings results on Tuesday, August 3rd. The company reported ($0.13) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.13). As a group, equities analysts anticipate that Cassava Sciences will post -0.64 earnings per share for the current year.

About Cassava Sciences

Cassava Sciences, Inc engages in the development of novel drugs and diagnostics. It focuses on developing product candidates intended for the treatment of Alzheimer’s disease, including PTI-125 and PTI-125Dx. The company was founded by Remi Barbier and Barry M. Sherman in May 1998 and is headquartered in Austin, TX.

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