Maxim Group Reiterates Buy Rating for Cassava Sciences (NASDAQ:FLNA)

Cassava Sciences (NASDAQ:FLNA)‘s stock had its “buy” rating reissued by stock analysts at Maxim Group in a research report issued on Tuesday,Benzinga reports. They presently have a $5.00 target price on the stock. Maxim Group’s target price would indicate a potential upside of 254.61% from the stock’s previous close.

Several other equities analysts also recently weighed in on the company. Wall Street Zen upgraded Cassava Sciences from a “sell” rating to a “hold” rating in a research report on Sunday, March 8th. Weiss Ratings downgraded Cassava Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 22nd. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Cassava Sciences has an average rating of “Hold” and an average target price of $5.00.

Cassava Sciences Stock Performance

NASDAQ FLNA traded up $0.10 during trading hours on Tuesday, hitting $1.41. 645,894 shares of the company’s stock were exchanged, compared to its average volume of 576,992. The business’s 50 day moving average is $1.66 and its 200-day moving average is $2.17. Cassava Sciences has a 12-month low of $1.16 and a 12-month high of $4.98. The firm has a market capitalization of $68.12 million, a P/E ratio of -0.88 and a beta of -0.75.

Cassava Sciences (NASDAQ:FLNA) last released its earnings results on Thursday, May 7th. The company reported ($0.21) earnings per share for the quarter.

Hedge Funds Weigh In On Cassava Sciences

A number of large investors have recently modified their holdings of FLNA. AQR Capital Management LLC purchased a new position in shares of Cassava Sciences in the 1st quarter worth about $120,000. Goldman Sachs Group Inc. raised its holdings in shares of Cassava Sciences by 77.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 496,313 shares of the company’s stock worth $744,000 after purchasing an additional 217,404 shares during the period. Strs Ohio purchased a new position in shares of Cassava Sciences in the 1st quarter worth about $178,000. Marshall Wace LLP purchased a new position in shares of Cassava Sciences in the 2nd quarter worth about $130,000. Finally, Jump Financial LLC purchased a new position in shares of Cassava Sciences in the 2nd quarter worth about $50,000. 38.05% of the stock is currently owned by hedge funds and other institutional investors.

About Cassava Sciences

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.