Cassava Sciences (NASDAQ:FLNA) Shares Down 0.8% – Here’s What Happened

Cassava Sciences, Inc. (NASDAQ:FLNA)’s stock price traded down 0.8% during mid-day trading on Thursday. The stock traded as low as $0.6409 and last traded at $0.6541. 250,113 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 870,341 shares. The stock had previously closed at $0.6593.

Wall Street Analyst Weigh In

Separately, Weiss Ratings lowered Cassava Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, October 9th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Cassava Sciences has a consensus rating of “Hold” and a consensus price target of $5.00.

Cassava Sciences Stock Performance

The company has a 50-day simple moving average of $0.83 and a 200 day simple moving average of $1.12. The company has a market capitalization of $31.60 million, a P/E ratio of -0.75 and a beta of -0.65.

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

Insider Activity at Cassava Sciences

In related news, CEO Richard Barry acquired 206,813 shares of the business’s stock in a transaction dated Tuesday, September 29th. The stock was acquired at an average price of $0.90 per share, with a total value of $186,131.70. Following the completion of the transaction, the chief executive officer owned 1,237,964 shares of the company’s stock, valued at approximately $1,114,167.60. This represents a 20.06% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have bought a total of 399,904 shares of company stock worth $356,328 over the last three months. 4.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cassava Sciences

A hedge fund recently raised its stake in Cassava Sciences stock. Caitong International Asset Management Co. Ltd lifted its position in shares of Cassava Sciences, Inc. (NASDAQ:FLNA) by 465.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,606 shares of the company’s stock after purchasing an additional 11,200 shares during the quarter. Caitong International Asset Management Co. Ltd’s holdings in Cassava Sciences were worth $27,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 38.05% of the company’s stock.

Cassava Sciences Company Profile

Cassava Sciences, Inc is a biotechnology company focused on developing treatments for neurodegenerative diseases. The company’s research has centered on filamin A, a scaffolding protein that Cassava believes may play a role in Alzheimer’s disease and other neurological conditions.

Its primary investigational product was simufilam, an oral therapy studied for potential use in patients with Alzheimer’s disease. Cassava also developed SavaDx, an experimental diagnostic intended to detect Alzheimer’s disease using a small blood sample.