Cassava Sciences (NASDAQ:FLNA) Trading Down 3.8% - What's Next?

Key Points

• Cassava Sciences shares fell 3.8% on Monday, trading between $1.00 and $1.06 on volume above average at 409,980 shares.
• Analyst sentiment is mixed: Wall Street Zen and Weiss Ratings recently downgraded the stock, while Maxim Group kept a Buy rating and a $5.00 price target. Overall, MarketBeat shows a consensus rating of Hold.
• The company remains a small-cap, unprofitable biotech with a market cap of about $49.3 million and a recent quarterly EPS of -$0.21, while institutional investors own 38.05% of the shares.

Cassava Sciences, Inc. (NASDAQ:FLNA - Get Free Report) traded down 3.8% during trading on Monday . The stock traded as low as $1.00 and last traded at $1.02. 409,980 shares were traded during mid-day trading, an increase of 19% from the average session volume of 344,332 shares. The stock had previously closed at $1.06.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Wall Street Zen downgraded Cassava Sciences from a "hold" rating to a "sell" rating in a research note on Saturday, June 6th. 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. Finally, Maxim Group reaffirmed a "buy" rating and set a $5.00 price target on shares of Cassava Sciences in a report on Tuesday, May 26th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $5.00.

Cassava Sciences Stock Performance

The company has a market cap of $49.28 million, a P/E ratio of -0.63 and a beta of -0.73. The firm's fifty day moving average is $1.26 and its two-hundred day moving average is $1.72.

Cassava Sciences (NASDAQ:FLNA - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.21) EPS for the quarter.

Institutional Trading of Cassava Sciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd boosted its stake in Cassava Sciences by 465.5% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 13,606 shares of the company's stock worth $27,000 after purchasing an additional 11,200 shares during the period. Invesco Ltd. purchased a new stake in Cassava Sciences during the 4th quarter valued at approximately $36,000. Jump Financial LLC bought a new stake in shares of Cassava Sciences during the second quarter valued at approximately $50,000. Price T Rowe Associates Inc. MD bought a new stake in shares of Cassava Sciences during the fourth quarter valued at approximately $63,000. Finally, Engineers Gate Manager LP lifted its holdings in shares of Cassava Sciences by 121.1% in the fourth quarter. Engineers Gate Manager LP now owns 31,654 shares of the company's stock worth $63,000 after buying an additional 17,335 shares in the last quarter. 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.

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