HC Wainwright Initiates Coverage on Cassava Sciences (NASDAQ:SAVA)

HC Wainwright started coverage on shares of Cassava Sciences (NASDAQ:SAVA) in a research note published on Thursday, AnalystRatings.com reports. The firm issued a buy rating and a $3.00 price objective 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 started coverage on shares of Cassava Sciences in a research report on Tuesday, June 25th. They set a buy rating and a $3.00 price objective for the company.

SAVA stock traded up $0.07 during trading on Thursday, reaching $1.40. 1,386,754 shares of the company were exchanged, compared to its average volume of 228,092. The business’s 50-day moving average is $1.31. The company has a market capitalization of $24.11 million, a P/E ratio of -2.30 and a beta of 1.62. 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. boosted its holdings in shares of Cassava Sciences Inc (NASDAQ:SAVA) by 23.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,892 shares of the company’s stock after acquiring an additional 12,104 shares during the quarter. Envestnet Asset Management Inc. owned 0.37% of Cassava Sciences worth $76,000 at the end of the most recent quarter. 19.42% of the stock is owned by institutional investors.

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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