Cassava Sciences (NASDAQ:FLNA) Announces Earnings Results

Cassava Sciences (NASDAQ:FLNA) released its earnings results on Thursday. The company reported ($0.22) earnings per share (EPS) for the quarter, FiscalAI reports.

Cassava Sciences Price Performance

FLNA traded down $0.12 during trading on Thursday, hitting $0.45. The company’s stock had a trading volume of 1,258,843 shares, compared to its average volume of 333,179. Cassava Sciences has a twelve month low of $0.45 and a twelve month high of $3.45. The stock’s fifty day moving average price is $0.76 and its 200-day moving average price is $1.35.

Insider Activity at Cassava Sciences

In related news, CEO Richard Barry acquired 100,000 shares of Cassava Sciences stock in a transaction dated Wednesday, September 30th. The stock was bought at an average price of $0.92 per share, with a total value of $92,000.00. Following the transaction, the chief executive officer directly owned 1,337,964 shares in the company, valued at $1,230,926.88. This represents a 8.08% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders have purchased 399,904 shares of company stock worth $356,328. Company insiders own 4.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded Cassava Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, October 9th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $5.00.

About Cassava Sciences

Cassava Sciences, Inc is a clinical-stage biopharmaceutical company focused on developing treatments and diagnostic technologies for neurodegenerative diseases, particularly Alzheimer’s disease. The company’s research platform centers on filamin A, a scaffolding protein that Cassava believes may contribute to disease-related signaling when altered.

Cassava’s primary drug candidate has been simufilam, an investigational oral therapy designed to modify altered filamin A and potentially address biological processes associated with Alzheimer’s disease.