Cassava Sciences (NASDAQ:FLNA) Trading 1.7% Higher – Here’s What Happened

Cassava Sciences, Inc. (NASDAQ:FLNA)’s stock price rose 1.7% during mid-day trading on Monday . The company traded as high as $1.24 and last traded at $1.22. Approximately 215,678 shares were traded during mid-day trading, a decline of 34% from the average session volume of 324,342 shares. The stock had previously closed at $1.20.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Weiss Ratings downgraded Cassava Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 22nd. Maxim Group reiterated a “buy” rating and issued a $5.00 price objective on shares of Cassava Sciences in a research note on Tuesday, May 26th. Finally, Wall Street Zen downgraded Cassava Sciences from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $5.00.

Cassava Sciences Stock Up 5.0%

The stock has a market cap of $60.39 million, a PE ratio of -0.78 and a beta of -0.71. The firm has a fifty day moving average of $1.36 and a 200 day moving average of $1.85.

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

Institutional Investors Weigh In On Cassava Sciences

Several institutional investors have recently added to or reduced their stakes in the business. Marshall Wace LLP increased its stake in Cassava Sciences by 2,774.3% in the third quarter. Marshall Wace LLP now owns 2,061,286 shares of the company’s stock valued at $5,998,000 after purchasing an additional 1,989,572 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in Cassava Sciences during the third quarter worth approximately $654,000. Goldman Sachs Group Inc. lifted its position in shares of Cassava Sciences by 77.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 496,313 shares of the company’s stock worth $744,000 after buying an additional 217,404 shares during the last quarter. Voleon Capital Management LP purchased a new stake in shares of Cassava Sciences during the 3rd quarter worth approximately $414,000. Finally, Dimensional Fund Advisors LP acquired a new position in shares of Cassava Sciences in the 4th quarter valued at $277,000. Hedge funds and other institutional investors own 38.05% of the company’s stock.

About Cassava Sciences

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.