Cassava Sciences (NASDAQ:FLNA) Shares Down 3.3% – Time to Sell?

Cassava Sciences, Inc. (NASDAQ:FLNA)’s share price was down 3.3% on Monday . The stock traded as low as $0.8822 and last traded at $0.8980. 139,743 shares traded hands during trading, a decline of 49% from the average session volume of 272,385 shares. The stock had previously closed at $0.9290.

Analyst Upgrades and Downgrades

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

Cassava Sciences Price Performance

The stock’s 50 day simple moving average is $1.03 and its two-hundred day simple moving average is $1.47. The company has a market capitalization of $41.42 million, a P/E ratio of -0.99 and a beta of -0.69.

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

Hedge Funds Weigh In On Cassava Sciences

Several large investors have recently made changes to their positions in FLNA. Geode Capital Management LLC increased its position in Cassava Sciences by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 545,969 shares of the company’s stock worth $1,081,000 after purchasing an additional 8,068 shares during the period. Graham Capital Management L.P. boosted its stake in shares of Cassava Sciences by 9.1% in the 4th quarter. Graham Capital Management L.P. now owns 128,703 shares of the company’s stock valued at $255,000 after purchasing an additional 10,776 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its position 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 buying an additional 11,200 shares during the period. Engineers Gate Manager LP raised its stake in shares of Cassava Sciences by 121.1% during the fourth quarter. Engineers Gate Manager LP now owns 31,654 shares of the company’s stock worth $63,000 after buying an additional 17,335 shares during the last quarter. Finally, Invesco Ltd. bought a new stake in shares of Cassava Sciences during the fourth quarter worth approximately $36,000. Institutional investors and hedge funds own 38.05% of the company’s stock.

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.