Cassava Sciences (NASDAQ:FLNA) Posts Earnings Results

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

Cassava Sciences Stock Down 4.4%

FLNA stock 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 company’s fifty day moving average is $1.90 and its 200-day moving average is $2.36. The company has a market capitalization of $62.80 million, a P/E ratio of -0.81 and a beta of -0.75. Cassava Sciences has a 1 year low of $1.27 and a 1 year high of $4.98.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Cassava Sciences by 5.5% during the 3rd quarter. Vanguard Group Inc. now owns 2,289,523 shares of the company’s stock valued at $6,663,000 after buying an additional 119,451 shares in the last quarter. Marshall Wace LLP lifted its holdings in shares of Cassava Sciences by 2.6% in the fourth quarter. Marshall Wace LLP now owns 2,115,307 shares of the company’s stock worth $4,188,000 after buying an additional 54,021 shares in the last quarter. Two Sigma Investments LP lifted its holdings in shares of Cassava Sciences by 7.3% in 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 in the last quarter. Geode Capital Management LLC boosted its position in shares of Cassava Sciences by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 545,969 shares of the company’s stock worth $1,081,000 after acquiring an additional 8,068 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Cassava Sciences by 77.9% during the first quarter. Goldman Sachs Group Inc. now owns 496,313 shares of the company’s stock worth $744,000 after acquiring an additional 217,404 shares during the last quarter. 38.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Weiss Ratings downgraded shares of Cassava Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, April 22nd. Wall Street Zen raised shares of Cassava Sciences from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Cassava Sciences has a consensus rating of “Sell”.

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.