Cassava Sciences Sees Unusually High Options Volume (NASDAQ:SAVA)

Cassava Sciences, Inc. (NASDAQ:SAVA) saw some unusual options trading on Thursday. Traders purchased 8,896 call options on the stock. This is an increase of approximately 115% compared to the average volume of 4,130 call options.

Insiders Place Their Bets

In related news, insider Robert Christopher Cook acquired 13,725 shares of Cassava Sciences stock in a transaction dated Tuesday, September 30th. The stock was acquired at an average cost of $2.91 per share, with a total value of $39,939.75. Following the purchase, the insider directly owned 13,725 shares in the company, valued at $39,939.75. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Richard Barry bought 47,308 shares of the firm’s stock in a transaction that occurred on Friday, September 19th. The stock was bought at an average price of $2.29 per share, for a total transaction of $108,335.32. Following the completion of the acquisition, the chief executive officer directly owned 707,503 shares in the company, valued at approximately $1,620,181.87. The trade was a 7.17% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought a total of 258,838 shares of company stock valued at $591,645 in the last quarter. Insiders own 12.20% of the company’s stock.

Hedge Funds Weigh In On Cassava Sciences

A number of hedge funds have recently modified their holdings of SAVA. Vanguard Group Inc. raised its holdings in shares of Cassava Sciences by 5.5% during 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 in the last quarter. Marshall Wace LLP increased its position in Cassava Sciences by 2,774.3% in the 3rd quarter. Marshall Wace LLP now owns 2,061,286 shares of the company’s stock worth $5,998,000 after purchasing an additional 1,989,572 shares during the last quarter. Two Sigma Investments LP raised its stake in shares of Cassava Sciences by 7.3% during the 3rd quarter. Two Sigma Investments LP now owns 564,998 shares of the company’s stock worth $1,644,000 after purchasing an additional 38,483 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Cassava Sciences by 77.9% during 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 in the last quarter. Finally, GMT Capital Corp acquired a new stake in shares of Cassava Sciences during the 1st quarter valued at about $675,000. 38.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on SAVA shares. Weiss Ratings restated a “sell (d-)” rating on shares of Cassava Sciences in a report on Thursday, October 30th. Wall Street Zen raised shares of Cassava Sciences from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $2.00.

Cassava Sciences Stock Performance

Shares of NASDAQ SAVA traded down $0.08 during mid-day trading on Thursday, reaching $2.68. The company had a trading volume of 773,042 shares, compared to its average volume of 1,763,289. The company has a market capitalization of $129.22 million, a price-to-earnings ratio of -1.06 and a beta of -1.10. The stock has a fifty day moving average of $3.26 and a two-hundred day moving average of $2.52. Cassava Sciences has a 12-month low of $1.15 and a 12-month high of $33.98.

Cassava Sciences (NASDAQ:SAVA) last announced its quarterly earnings data on Wednesday, November 12th. The company reported ($0.22) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.05. Sell-side analysts forecast that Cassava Sciences will post -3.97 earnings per share for the current fiscal year.

About Cassava Sciences

Cassava Sciences, Inc, a clinical stage biotechnology company, develops drugs for neurodegenerative diseases. Its lead therapeutic product candidate is simufilam, a small molecule drug, which is completed Phase 2 clinical trial; and investigational diagnostic product candidate is SavaDx, a blood-based biomarker/diagnostic to detect Alzheimer's disease.