Cassava Sciences (NASDAQ:FLNA) Releases Earnings Results

Cassava Sciences (NASDAQ:FLNA) released its quarterly earnings data on Thursday. The company reported ($0.21) earnings per share for the quarter, Zacks reports.

Cassava Sciences Price Performance

Shares of NASDAQ:FLNA traded down $0.06 during trading on Friday, reaching $1.30. 419,832 shares of the company’s stock traded hands, compared to its average volume of 448,264. Cassava Sciences has a fifty-two week low of $1.27 and a fifty-two week high of $4.98. The company has a 50-day simple moving average of $1.90 and a 200-day simple moving average of $2.36.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Wall Street Zen upgraded Cassava Sciences from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. Weiss Ratings lowered Cassava Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, April 22nd. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has a consensus rating of “Sell”.

Institutional Investors Weigh In On Cassava Sciences

A number of institutional investors have recently modified their holdings of FLNA. Marshall Wace LLP grew its position in shares of Cassava Sciences by 2,774.3% during the 3rd quarter. Marshall Wace LLP now owns 2,061,286 shares of the company’s stock valued at $5,998,000 after acquiring an additional 1,989,572 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Cassava Sciences during the 3rd quarter valued at about $654,000. Goldman Sachs Group Inc. grew its position in shares of Cassava Sciences by 77.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 496,313 shares of the company’s stock valued at $744,000 after acquiring an additional 217,404 shares during the period. Voleon Capital Management LP acquired a new stake in shares of Cassava Sciences during the 3rd quarter valued at about $414,000. Finally, Dimensional Fund Advisors LP acquired a new stake in shares of Cassava Sciences during the 4th quarter valued at about $277,000. 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.