Cassava Sciences (NASDAQ:FLNA) Issues Earnings Results

Cassava Sciences (NASDAQ:FLNA) released its quarterly earnings data on Thursday. The company reported ($0.21) EPS for the quarter, Zacks reports.

Cassava Sciences Trading Down 4.4%

NASDAQ:FLNA traded down $0.06 during trading hours on Friday, hitting $1.30. The company’s stock had a trading volume of 419,832 shares, compared to its average volume of 448,264. The stock has a market capitalization of $62.80 million, a P/E ratio of -0.81 and a beta of -0.75. The stock has a fifty day moving average of $1.90 and a 200-day moving average of $2.36. Cassava Sciences has a 52-week low of $1.27 and a 52-week high of $4.98.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Weiss Ratings cut Cassava Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, April 22nd. Wall Street Zen upgraded Cassava Sciences from a “sell” rating to a “hold” rating in a research note on Sunday, March 8th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, Cassava Sciences presently has a consensus rating of “Sell”.

Hedge Funds Weigh In On Cassava Sciences

Large investors have recently bought and sold shares of the business. Invesco Ltd. purchased a new position in Cassava Sciences in the fourth quarter valued at $36,000. Jump Financial LLC purchased a new position in Cassava Sciences in the second quarter valued at $50,000. Price T Rowe Associates Inc. MD purchased a new position in Cassava Sciences in the fourth quarter valued at $63,000. Engineers Gate Manager LP increased its holdings in Cassava Sciences by 121.1% in the fourth quarter. Engineers Gate Manager LP now owns 31,654 shares of the company’s stock valued at $63,000 after buying an additional 17,335 shares during the last quarter. Finally, Barclays PLC lifted its position in Cassava Sciences by 53,154.9% in the fourth quarter. Barclays PLC now owns 48,462 shares of the company’s stock valued at $96,000 after acquiring an additional 48,371 shares during the last quarter. Hedge funds and other institutional investors own 38.05% of the company’s stock.

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.