Cassava Sciences (NASDAQ:FLNA) Stock Falls 0.8% – Time to Sell?

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

Analyst Ratings Changes

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

Cassava Sciences Stock Performance

The company’s fifty day simple moving average is $0.82 and its two-hundred day simple moving average is $1.12. The stock has a market capitalization of $30.70 million, a P/E ratio of -0.73 and a beta of -0.65.

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

Insider Activity at Cassava Sciences

In other Cassava Sciences news, CEO Richard Barry bought 206,813 shares of the stock in a transaction dated Tuesday, September 29th. The shares were bought at an average cost of $0.90 per share, with a total value of $186,131.70. Following the completion of the acquisition, the chief executive officer owned 1,237,964 shares of the company’s stock, valued at $1,114,167.60. This trade represents a 20.06% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have purchased 399,904 shares of company stock worth $356,328 over the last quarter. 4.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cassava Sciences

A hedge fund recently raised its position in Cassava Sciences stock. Caitong International Asset Management Co. Ltd grew its stake in shares of Cassava Sciences, Inc. (NASDAQ:FLNA) by 465.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 13,606 shares of the company’s stock after acquiring 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. 38.05% of the stock is owned by hedge funds and other institutional investors.

Cassava Sciences Company Profile

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.