Cassava Sciences (NASDAQ:FLNA) Trading Down 3.3% – Should You Sell?

Cassava Sciences, Inc. (NASDAQ:FLNA)’s stock price traded down 3.3% during mid-day trading on Monday . The stock traded as low as $0.8822 and last traded at $0.8980. 139,743 shares traded hands during mid-day 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 equities research analysts have commented on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Cassava Sciences in a report on Monday, July 20th. Maxim Group reaffirmed a “buy” rating and set a $5.00 price target on shares of Cassava Sciences in a research note on Tuesday, May 26th. Finally, Wall Street Zen downgraded shares of Cassava Sciences from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $5.00.

Cassava Sciences Trading Down 3.3%

The company has a 50 day moving average price of $1.04 and a 200 day moving average price of $1.48. The firm has a market cap of $43.38 million, a PE ratio of -1.03 and a beta of -0.70.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of FLNA. Vanguard Group Inc. increased its position in Cassava Sciences by 5.5% during the 3rd quarter. Vanguard Group Inc. now owns 2,289,523 shares of the company’s stock worth $6,663,000 after purchasing an additional 119,451 shares in the last quarter. Marshall Wace LLP grew its holdings in shares of Cassava Sciences by 2.6% during the 4th quarter. Marshall Wace LLP now owns 2,115,307 shares of the company’s stock worth $4,188,000 after purchasing an additional 54,021 shares during the period. Two Sigma Investments LP grew its stake in Cassava Sciences by 7.3% during the third quarter. Two Sigma Investments LP now owns 564,998 shares of the company’s stock worth $1,644,000 after buying an additional 38,483 shares during the period. Geode Capital Management LLC increased its holdings in Cassava Sciences by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 545,969 shares of the company’s stock valued at $1,081,000 after purchasing an additional 8,068 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Cassava Sciences by 77.9% in the first quarter. Goldman Sachs Group Inc. now owns 496,313 shares of the company’s stock valued at $744,000 after buying 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.