Cassava Sciences (NASDAQ:FLNA) Stock Price Down 3.3% – Should You Sell?

Cassava Sciences, Inc. (NASDAQ:FLNA)’s share price dropped 3.3% during mid-day trading on Monday . The stock traded as low as $0.8822 and last traded at $0.8980. 139,743 shares were traded during trading, a decline of 49% from the average session volume of 272,385 shares. The stock had previously closed at $0.9290.

Wall Street Analyst Weigh In

A number of research firms have commented on FLNA. Weiss Ratings restated a “sell (e+)” rating on shares of Cassava Sciences in a research note on Monday, July 20th. Maxim Group reiterated a “buy” rating and set a $5.00 target price on shares of Cassava Sciences in a research note on Tuesday, May 26th. Finally, Wall Street Zen cut Cassava Sciences from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $5.00.

Cassava Sciences Stock Down 3.3%

The company has a fifty day moving average of $1.04 and a two-hundred day moving average of $1.48. The stock has a market capitalization of $43.38 million, a price-to-earnings ratio of -1.03 and a beta of -0.70.

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in FLNA. Caitong International Asset Management Co. Ltd lifted its position in Cassava Sciences by 465.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 13,606 shares of the company’s stock valued at $27,000 after purchasing an additional 11,200 shares during the period. Invesco Ltd. acquired a new position in Cassava Sciences during the 4th quarter worth approximately $36,000. Jump Financial LLC acquired a new position in Cassava Sciences during the 2nd quarter worth approximately $50,000. Price T Rowe Associates Inc. MD purchased a new position in shares of Cassava Sciences during the 4th quarter worth approximately $63,000. Finally, Engineers Gate Manager LP raised its stake in shares of Cassava Sciences by 121.1% during the 4th 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. 38.05% of the stock is owned by hedge funds and other institutional investors.

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.