Maxim Group Reiterates Buy Rating for Cassava Sciences (NASDAQ:FLNA)

Cassava Sciences (NASDAQ:FLNA)‘s stock had its “buy” rating reaffirmed by equities researchers at Maxim Group in a research note issued on Tuesday,Benzinga reports. They presently have a $5.00 price objective on the stock. Maxim Group’s price objective indicates a potential upside of 254.61% from the company’s current price.

Other equities research analysts have also issued research reports about the company. Weiss Ratings lowered Cassava Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, April 22nd. Wall Street Zen upgraded Cassava Sciences from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Cassava Sciences has an average rating of “Hold” and a consensus price target of $5.00.

Cassava Sciences Stock Performance

Shares of FLNA stock traded up $0.10 during trading hours on Tuesday, reaching $1.41. The company had a trading volume of 645,894 shares, compared to its average volume of 576,992. Cassava Sciences has a twelve month low of $1.16 and a twelve month high of $4.98. The company has a market capitalization of $68.12 million, a P/E ratio of -0.88 and a beta of -0.75. The stock’s fifty day simple moving average is $1.66 and its 200 day simple moving average is $2.17.

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

Institutional Investors Weigh In On Cassava Sciences

A number of hedge funds have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd grew its stake in 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 valued at $27,000 after purchasing an additional 11,200 shares in the last quarter. Virtu Financial LLC acquired a new stake in Cassava Sciences during the 4th quarter valued at approximately $97,000. Invesco Ltd. acquired a new stake in Cassava Sciences during the 4th quarter valued at approximately $36,000. Engineers Gate Manager LP grew its stake in Cassava Sciences by 121.1% during the 4th quarter. Engineers Gate Manager LP now owns 31,654 shares of the company’s stock valued at $63,000 after purchasing an additional 17,335 shares in the last quarter. Finally, Jump Financial LLC acquired a new stake in Cassava Sciences during the 4th quarter valued at approximately $181,000. Institutional investors and hedge funds 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.