Cassava Sciences (NASDAQ:FLNA) Shares Down 0.8% – Here’s Why

Cassava Sciences, Inc. (NASDAQ:FLNA)’s stock price dropped 0.8% on Thursday. The stock traded as low as $0.6409 and last traded at $0.6541. 250,113 shares were traded during trading, a decline of 71% from the average session volume of 870,341 shares. The stock had previously closed at $0.6593.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded Cassava Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, October 9th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $5.00.

Cassava Sciences Stock Performance

The stock has a market cap of $31.60 million, a price-to-earnings ratio of -0.75 and a beta of -0.65. The company’s 50 day simple moving average is $0.83 and its two-hundred day simple moving average is $1.12.

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

Insider Transactions at Cassava Sciences

In other Cassava Sciences news, CEO Richard Barry bought 100,000 shares of the firm’s stock in a transaction on Wednesday, September 30th. The stock was bought at an average cost of $0.92 per share, with a total value of $92,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,337,964 shares of the company’s stock, valued at approximately $1,230,926.88. The trade was a 8.08% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have purchased 399,904 shares of company stock valued at $356,328 in the last ninety days. 4.60% of the stock is owned by insiders.

Institutional Trading of Cassava Sciences

A hedge fund recently raised its position in Cassava Sciences stock. Caitong International Asset Management Co. Ltd grew its position in Cassava Sciences, Inc. (NASDAQ:FLNA) by 465.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,606 shares of the company’s stock after purchasing an additional 11,200 shares during the quarter. Caitong International Asset Management Co. Ltd’s holdings in Cassava Sciences were worth $27,000 as of its most recent SEC filing. Institutional investors own 38.05% of the company’s stock.

About Cassava Sciences

Cassava Sciences, Inc is a biotechnology company focused on developing treatments for neurodegenerative diseases. The company’s research has centered on filamin A, a scaffolding protein that Cassava believes may play a role in Alzheimer’s disease and other neurological conditions.

Its primary investigational product was simufilam, an oral therapy studied for potential use in patients with Alzheimer’s disease. Cassava also developed SavaDx, an experimental diagnostic intended to detect Alzheimer’s disease using a small blood sample.