Cassava Sciences (NASDAQ:FLNA) Releases Quarterly Earnings Results

Cassava Sciences (NASDAQ:FLNA) released its quarterly earnings results on Wednesday. The company reported ($0.18) EPS for the quarter, FiscalAI reports.

Cassava Sciences Price Performance

NASDAQ:FLNA traded up $0.04 during trading hours on Friday, reaching $1.00. 246,313 shares of the company were exchanged, compared to its average volume of 507,634. The firm has a market cap of $48.36 million, a price-to-earnings ratio of -1.15 and a beta of -0.73. The stock has a 50 day simple moving average of $1.21 and a 200 day simple moving average of $1.65. Cassava Sciences has a 52-week low of $0.86 and a 52-week high of $4.98.

Institutional Trading of Cassava Sciences

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Cassava Sciences by 5.5% in the 3rd quarter. Vanguard Group Inc. now owns 2,289,523 shares of the company’s stock worth $6,663,000 after buying an additional 119,451 shares during the period. Marshall Wace LLP boosted its holdings in Cassava Sciences by 2.6% in the fourth quarter. Marshall Wace LLP now owns 2,115,307 shares of the company’s stock valued at $4,188,000 after acquiring an additional 54,021 shares during the last quarter. Two Sigma Investments LP grew its position in Cassava Sciences by 7.3% during the third quarter. Two Sigma Investments LP now owns 564,998 shares of the company’s stock valued at $1,644,000 after acquiring an additional 38,483 shares during the period. Geode Capital Management LLC grew its position in Cassava Sciences by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 545,969 shares of the company’s stock valued at $1,081,000 after acquiring an additional 8,068 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in Cassava Sciences by 77.9% during the first quarter. Goldman Sachs Group Inc. now owns 496,313 shares of the company’s stock worth $744,000 after acquiring an additional 217,404 shares during the last quarter. 38.05% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FLNA has been the topic of a number of recent research reports. Maxim Group reaffirmed a “buy” rating and issued a $5.00 target price on shares of Cassava Sciences in a research note on Tuesday, May 26th. Weiss Ratings reissued a “sell (e+)” rating on shares of Cassava Sciences in a research report on Monday, July 20th. Finally, Wall Street Zen cut 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 issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $5.00.

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.