Cassava Sciences (NASDAQ:FLNA) Trading Up 0.2% – Time to Buy?

Cassava Sciences, Inc. (NASDAQ:FLNA)’s stock price shot up 0.2% during trading on Monday . The company traded as high as $1.05 and last traded at $0.9973. Approximately 526,254 shares traded hands during trading, an increase of 55% from the average daily volume of 339,053 shares. The stock had previously closed at $0.9950.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Wall Street Zen cut Cassava Sciences from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Maxim Group reaffirmed a “buy” rating and set a $5.00 price objective on shares of Cassava Sciences in a research note on Tuesday, May 26th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Cassava Sciences in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $5.00.

Cassava Sciences Stock Down 3.9%

The business’s fifty day moving average is $1.14 and its 200-day moving average is $1.59. The stock has a market capitalization of $45.09 million, a PE ratio of -1.07 and a beta of -0.70.

Cassava Sciences (NASDAQ:FLNA) last announced its quarterly earnings results on Wednesday, July 29th. The company reported ($0.18) earnings per share for the quarter.

Institutional Investors Weigh In On Cassava Sciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd grew its holdings in shares of Cassava Sciences by 465.5% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 13,606 shares of the company’s stock worth $27,000 after purchasing an additional 11,200 shares during the period. Invesco Ltd. purchased a new position in Cassava Sciences in the fourth quarter valued at approximately $36,000. Jump Financial LLC purchased a new position in Cassava Sciences in the second quarter valued at approximately $50,000. Price T Rowe Associates Inc. MD acquired a new position in Cassava Sciences during the fourth quarter valued at approximately $63,000. Finally, Engineers Gate Manager LP lifted its position in Cassava Sciences by 121.1% during the fourth quarter. Engineers Gate Manager LP now owns 31,654 shares of the company’s stock valued at $63,000 after buying an additional 17,335 shares in the last quarter. 38.05% of the stock is currently owned by institutional investors and hedge funds.

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.