Cassava Sciences (NASDAQ:FLNA) Shares Down 3.8% – What’s Next?

Cassava Sciences, Inc. (NASDAQ:FLNA) shares dropped 3.8% during trading on Monday . The company traded as low as $1.00 and last traded at $1.02. 409,980 shares changed hands during mid-day trading, an increase of 19% from the average daily volume of 344,332 shares. The stock had previously closed at $1.06.

Analyst Upgrades and Downgrades

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

Cassava Sciences Stock Performance

The firm has a market capitalization of $46.99 million, a P/E ratio of -0.60 and a beta of -0.73. The company has a 50-day moving average price of $1.25 and a 200-day moving average price of $1.71.

Cassava Sciences (NASDAQ:FLNA) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.21) EPS for the quarter.

Institutional Trading of Cassava Sciences

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

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.