Cassava Sciences (NASDAQ:FLNA) CEO Acquires 100,000 Shares of Company Stock

Cassava Sciences, Inc. (NASDAQ:FLNA) CEO Richard Barry purchased 100,000 shares of the firm’s stock in a transaction on Wednesday, September 30th. The shares were acquired at an average price of $0.92 per share, for a total transaction of $92,000.00. Following the purchase, the chief executive officer directly owned 1,337,964 shares of the company’s stock, valued at approximately $1,230,926.88. This represents a 8.08% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Richard Barry also recently made the following trade(s):

• On Tuesday, September 29th, Richard Barry bought 206,813 shares of Cassava Sciences stock. The shares were acquired at an average price of $0.90 per share, for a total transaction of $186,131.70.
• On Monday, September 28th, Richard Barry purchased 93,091 shares of Cassava Sciences stock. The stock was acquired at an average cost of $0.84 per share, with a total value of $78,196.44.

Cassava Sciences Trading Down 4.2%

NASDAQ FLNA opened at $0.89 on Thursday. Cassava Sciences, Inc. has a 1-year low of $0.67 and a 1-year high of $4.98. The company has a market capitalization of $42.80 million, a price-to-earnings ratio of -1.02 and a beta of -0.69. The stock’s 50 day moving average is $0.88 and its two-hundred day moving average is $1.26.

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

Institutional Investors Weigh In On Cassava Sciences

An institutional investor recently raised its position in Cassava Sciences stock. Caitong International Asset Management Co. Ltd boosted its stake in Cassava Sciences, Inc. (NASDAQ:FLNA) by 465.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund 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 SEC filing. Hedge funds and other institutional investors own 38.05% of the company’s stock.

Wall Street Analyst Weigh In

FLNA has been the topic of several recent analyst reports. Weiss Ratings upgraded shares of Cassava Sciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, September 22nd. Wall Street Zen lowered shares of Cassava Sciences from a “hold” rating to a “sell” rating in a 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. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price 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.