Cassava Sciences (NASDAQ:FLNA) Trading Up 0.2% – What’s Next?

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FLNA. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cassava Sciences in a report on Monday, July 20th. Wall Street Zen downgraded shares of Cassava Sciences from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Finally, Maxim Group restated a “buy” rating and issued a $5.00 target price on shares of Cassava Sciences in a research report on Tuesday, May 26th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Cassava Sciences has a consensus rating of “Hold” and an average price target of $5.00.

Cassava Sciences Trading Up 0.2%

The stock has a market capitalization of $48.18 million, a price-to-earnings ratio of -1.15 and a beta of -0.70. The company’s 50-day simple moving average is $1.15 and its 200-day simple moving average is $1.60.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd increased its holdings in Cassava Sciences by 465.5% in the fourth 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 in the last quarter. Invesco Ltd. bought a new position in shares of Cassava Sciences in the fourth quarter valued at $36,000. Jump Financial LLC bought a new position in Cassava Sciences in the 2nd quarter valued at about $50,000. Price T Rowe Associates Inc. MD purchased a new position in shares of Cassava Sciences during the fourth quarter valued at approximately $63,000. Finally, Engineers Gate Manager LP boosted its holdings in Cassava Sciences by 121.1% during the 4th quarter. Engineers Gate Manager LP now owns 31,654 shares of the company’s stock worth $63,000 after acquiring an additional 17,335 shares during the last quarter. 38.05% of the stock is owned by institutional investors.

About Cassava Sciences

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.