Cassava Sciences (NASDAQ:FLNA) Lowered to Sell Rating by Wall Street Zen

Cassava Sciences (NASDAQ:FLNA) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

A number of other equities research analysts have also recently weighed in on the stock. Maxim Group restated a “buy” rating and issued a $5.00 price objective on shares of Cassava Sciences in a report on Tuesday, May 26th. Weiss Ratings cut shares of Cassava Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 22nd. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Cassava Sciences presently has a consensus rating of “Hold” and an average target price of $5.00.

Cassava Sciences Trading Down 5.7%

Shares of NASDAQ:FLNA opened at $1.32 on Friday. The company has a market cap of $63.77 million, a price-to-earnings ratio of -0.82 and a beta of -0.71. The company has a 50-day moving average price of $1.51 and a 200-day moving average price of $2.07. Cassava Sciences has a 12 month low of $1.16 and a 12 month high of $4.98.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd increased its stake in shares of Cassava Sciences by 465.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 13,606 shares of the company’s stock worth $27,000 after purchasing an additional 11,200 shares in the last quarter. Eagle Wealth Strategies LLC purchased a new stake in shares of Cassava Sciences in the third quarter worth $29,000. Invesco Ltd. purchased a new stake in shares of Cassava Sciences in the fourth quarter worth $36,000. Mayport LLC purchased a new stake in shares of Cassava Sciences in the third quarter worth $39,000. Finally, Jump Financial LLC purchased a new stake in shares of Cassava Sciences in the second quarter worth $50,000. 38.05% of the stock is currently owned by institutional investors.

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.