Cassava Sciences (NASDAQ:FLNA) Releases Quarterly Earnings Results

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

Cassava Sciences Trading Down 2.6%

Shares of NASDAQ:FLNA traded down $0.02 during trading on Wednesday, reaching $0.86. 110,728 shares of the company traded hands, compared to its average volume of 509,643. Cassava Sciences has a 52-week low of $0.86 and a 52-week high of $4.98. The business’s fifty day moving average is $1.23 and its 200-day moving average is $1.67. The firm has a market capitalization of $41.62 million, a price-to-earnings ratio of -0.54 and a beta of -0.73.

Hedge Funds Weigh In On Cassava Sciences

Several hedge funds and other institutional investors have recently modified their holdings of FLNA. Goldman Sachs Group Inc. increased its holdings in Cassava Sciences by 77.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 496,313 shares of the company’s stock valued at $744,000 after purchasing an additional 217,404 shares during the period. Marshall Wace LLP raised its holdings in shares of Cassava Sciences by 2,774.3% during the third quarter. Marshall Wace LLP now owns 2,061,286 shares of the company’s stock valued at $5,998,000 after acquiring an additional 1,989,572 shares in the last quarter. Vanguard Group Inc. lifted its stake in Cassava Sciences by 5.5% in the third quarter. Vanguard Group Inc. now owns 2,289,523 shares of the company’s stock worth $6,663,000 after acquiring an additional 119,451 shares during the period. Geode Capital Management LLC boosted its holdings in Cassava Sciences by 1.5% in 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 in the last quarter. Finally, ADAR1 Capital Management LLC purchased a new position in Cassava Sciences during the 3rd quarter valued at $236,000. 38.05% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on FLNA. Wall Street Zen cut shares of Cassava Sciences from a “hold” rating to a “sell” rating in a report on Saturday, June 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cassava Sciences in a research report on Monday, July 20th. Finally, Maxim Group restated a “buy” rating and issued a $5.00 price objective on shares of Cassava Sciences in a research report on Tuesday, May 26th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average 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 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.