Cassava Sciences (NASDAQ:FLNA) Trading 0.2% Higher – Should You Buy?

Cassava Sciences, Inc. (NASDAQ:FLNA)’s stock price shot up 0.2% during mid-day trading on Monday . The company traded as high as $1.05 and last traded at $0.9973. 526,254 shares changed hands during mid-day trading, an increase of 55% from the average session volume of 339,053 shares. The stock had previously closed at $0.9950.

Analysts Set New Price Targets

Several analysts have issued reports on FLNA shares. Weiss Ratings restated a “sell (e+)” rating on shares of Cassava Sciences in a research note on Monday, July 20th. Wall Street Zen lowered shares of Cassava Sciences from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Finally, Maxim Group restated a “buy” rating and issued a $5.00 price objective on shares of Cassava Sciences in a research report on Tuesday, May 26th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $5.00.

Cassava Sciences Stock Performance

The company has a market cap of $48.18 million, a P/E ratio of -1.15 and a beta of -0.70. The business has a 50 day moving average price of $1.15 and a two-hundred day moving average price of $1.60.

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

Hedge Funds Weigh In On Cassava Sciences

Several hedge funds and other institutional investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Cassava Sciences by 465.5% during the fourth 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. bought a new stake in shares of Cassava Sciences in the fourth quarter worth about $36,000. Jump Financial LLC purchased a new position in Cassava Sciences during the 2nd quarter valued at about $50,000. Price T Rowe Associates Inc. MD purchased a new position in Cassava Sciences during the 4th quarter valued at about $63,000. Finally, Engineers Gate Manager LP increased its holdings in Cassava Sciences by 121.1% during the 4th quarter. Engineers Gate Manager LP now owns 31,654 shares of the company’s stock valued at $63,000 after purchasing an additional 17,335 shares during the period. 38.05% of the stock is owned by 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.