Cassava Sciences (NASDAQ:FLNA) Shares Down 3.8% – Should You Sell?

Cassava Sciences, Inc. (NASDAQ:FLNA) was down 3.8% during mid-day trading on Monday . The company traded as low as $1.00 and last traded at $1.02. Approximately 409,980 shares were traded 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.

Analysts Set New Price Targets

Several brokerages have commented on FLNA. Weiss Ratings cut shares of Cassava Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, April 22nd. Wall Street Zen lowered Cassava Sciences from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Finally, Maxim Group reaffirmed a “buy” rating and issued a $5.00 target price on shares of Cassava Sciences in a report on Tuesday, May 26th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $5.00.

Cassava Sciences Stock Performance

The firm has a market capitalization of $49.28 million, a PE ratio of -0.63 and a beta of -0.73. The company has a fifty day moving average price of $1.26 and a 200-day moving average price of $1.72.

Cassava Sciences (NASDAQ:FLNA) last posted its earnings results on Thursday, May 7th. The company reported ($0.21) earnings per share for the quarter.

Hedge Funds Weigh In On Cassava Sciences

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Cassava Sciences by 5.5% in the 3rd quarter. Vanguard Group Inc. now owns 2,289,523 shares of the company’s stock worth $6,663,000 after buying an additional 119,451 shares during the last quarter. Marshall Wace LLP lifted its holdings in shares of Cassava Sciences by 2.6% in the 4th quarter. Marshall Wace LLP now owns 2,115,307 shares of the company’s stock valued at $4,188,000 after acquiring an additional 54,021 shares during the last quarter. Two Sigma Investments LP lifted its holdings in shares of Cassava Sciences by 7.3% in the 3rd quarter. Two Sigma Investments LP now owns 564,998 shares of the company’s stock valued at $1,644,000 after acquiring an additional 38,483 shares during the last quarter. Geode Capital Management LLC grew 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 acquiring an additional 8,068 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Cassava Sciences by 77.9% in the first quarter. Goldman Sachs Group Inc. now owns 496,313 shares of the company’s stock worth $744,000 after acquiring an additional 217,404 shares in the last quarter. 38.05% of the stock is owned by hedge funds and other 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.