Cassava Sciences (NASDAQ:FLNA) Shares Up 1.7% – What’s Next?

Cassava Sciences, Inc. (NASDAQ:FLNA)’s stock price traded up 1.7% during mid-day trading on Monday . The company traded as high as $1.24 and last traded at $1.22. Approximately 215,678 shares were traded during mid-day trading, a decline of 34% from the average session volume of 324,342 shares. The stock had previously closed at $1.20.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Maxim Group restated a “buy” rating and set a $5.00 target price on shares of Cassava Sciences in a report on Tuesday, May 26th. Wall Street Zen lowered Cassava Sciences from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Finally, Weiss Ratings lowered Cassava Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 22nd. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Cassava Sciences presently has an average rating of “Hold” and a consensus target price of $5.00.

Cassava Sciences Stock Performance

The firm has a market capitalization of $58.94 million, a price-to-earnings ratio of -0.76 and a beta of -0.72. The business’s 50 day moving average is $1.37 and its 200-day moving average is $1.86.

Cassava Sciences (NASDAQ:FLNA) last released its earnings results on Thursday, May 7th. The company reported ($0.21) earnings per share for the quarter.

Institutional Trading of Cassava Sciences

Several hedge funds have recently added to or reduced their stakes in FLNA. Mayport LLC acquired a new stake in Cassava Sciences in the 3rd quarter valued at approximately $39,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Cassava Sciences by 465.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 13,606 shares of the company’s stock worth $27,000 after buying an additional 11,200 shares during the last quarter. Invesco Ltd. bought a new stake in shares of Cassava Sciences in the fourth quarter valued at approximately $36,000. Jump Financial LLC bought a new stake in shares of Cassava Sciences in the second quarter valued at approximately $50,000. Finally, Price T Rowe Associates Inc. MD acquired a new stake in shares of Cassava Sciences in the fourth quarter worth $63,000. Institutional investors own 38.05% of the company’s stock.

Cassava Sciences Company Profile

Cassava Sciences, Inc is a clinical-stage biopharmaceutical company focused on the development of novel therapies and diagnostics for Alzheimer’s disease and related neurodegenerative disorders. Headquartered in Austin, Texas, the company was originally founded as Pain Therapeutics in 1998 and rebranded to Cassava Sciences in 2017. Cassava’s research program centers on small molecules designed to address underlying mechanisms of neurodegeneration rather than solely targeting amyloid plaques or tau tangles.

The company’s lead drug candidate, simufilam (formerly PTI-125), is a proprietary small molecule that aims to restore normal shape and function to the scaffolding protein filamin A, which has been implicated in impaired neuronal signaling and inflammation in Alzheimer’s patients.