Insider Buying: Cassava Sciences (NASDAQ:FLNA) CEO Purchases $78,196.44 in Stock

Cassava Sciences, Inc. (NASDAQ:FLNA) CEO Richard Barry acquired 93,091 shares of the business’s stock in a transaction dated Monday, September 28th. The shares were acquired at an average cost of $0.84 per share, with a total value of $78,196.44. Following the transaction, the chief executive officer owned 1,031,151 shares in the company, valued at approximately $866,166.84. This trade represents a 9.92% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Cassava Sciences Price Performance

Shares of NASDAQ:FLNA traded down $0.04 during midday trading on Wednesday, hitting $0.89. The company had a trading volume of 761,805 shares, compared to its average volume of 1,019,458. Cassava Sciences, Inc. has a 12-month low of $0.67 and a 12-month high of $4.98. The company has a fifty day moving average of $0.88 and a two-hundred day moving average of $1.27. The company has a market cap of $42.80 million, a price-to-earnings ratio of -1.02 and a beta of -0.69.

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

Institutional Trading of Cassava Sciences

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

Wall Street Analyst Weigh In

Several brokerages have weighed in on FLNA. Weiss Ratings raised shares of Cassava Sciences from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, September 22nd. Wall Street Zen cut shares of Cassava Sciences from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Cassava Sciences presently has a consensus rating of “Hold” and an average price target of $5.00.

Cassava Sciences Company Profile

Cassava Sciences, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for neurodegenerative diseases. The company’s research has centered on simufilam, an investigational oral therapy designed to target an altered form of the scaffolding protein filamin A that Cassava has linked to Alzheimer’s disease pathology.

Simufilam has been evaluated in clinical studies involving patients with Alzheimer’s disease, but it is an investigational product and is not approved for commercial use.