Cassava Sciences (NASDAQ:FLNA) Posts Quarterly Earnings Results

Cassava Sciences (NASDAQ:FLNA) issued its quarterly earnings data on Thursday. The company reported ($0.21) earnings per share for the quarter, Zacks reports.

Cassava Sciences Trading Down 4.4%

Shares of NASDAQ:FLNA traded down $0.06 during trading on Friday, reaching $1.30. The company’s stock had a trading volume of 419,832 shares, compared to its average volume of 448,264. The stock has a market capitalization of $62.80 million, a PE ratio of -0.81 and a beta of -0.75. Cassava Sciences has a 12 month low of $1.27 and a 12 month high of $4.98. The firm’s 50 day simple moving average is $1.90 and its two-hundred day simple moving average is $2.36.

Institutional Investors Weigh In On Cassava Sciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC bought a new stake in shares of Cassava Sciences in the 4th quarter valued at approximately $97,000. Invesco Ltd. purchased a new stake in Cassava Sciences during the 4th quarter valued at $36,000. Engineers Gate Manager LP raised its holdings in Cassava Sciences by 121.1% during the 4th quarter. Engineers Gate Manager LP now owns 31,654 shares of the company’s stock valued at $63,000 after buying an additional 17,335 shares during the period. Jump Financial LLC bought a new stake in Cassava Sciences in the fourth quarter worth $181,000. Finally, Price T Rowe Associates Inc. MD purchased a new position in Cassava Sciences during the fourth quarter worth $63,000. 38.05% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FLNA has been the subject of a number of research reports. Weiss Ratings lowered Cassava Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, April 22nd. Wall Street Zen raised Cassava Sciences from a “sell” rating to a “hold” rating in a report on Sunday, March 8th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

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.