Investors Buy Large Volume of Cassava Sciences Call Options (NASDAQ:SAVA)

Cassava Sciences, Inc. (NASDAQ:SAVA) saw unusually large options trading activity on Friday. Stock traders acquired 19,765 call options on the stock. This is an increase of approximately 21% compared to the average volume of 16,399 call options.

Cassava Sciences Price Performance

NASDAQ SAVA opened at $2.89 on Friday. Cassava Sciences has a 1 year low of $2.23 and a 1 year high of $42.20. The company has a market capitalization of $139.04 million, a PE ratio of -2.09 and a beta of -0.86. The company has a fifty day moving average of $12.39 and a 200 day moving average of $19.58.

Cassava Sciences (NASDAQ:SAVA) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.58) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.37) by $0.79. During the same period last year, the firm posted ($0.61) earnings per share. Research analysts expect that Cassava Sciences will post -3.97 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, HC Wainwright downgraded Cassava Sciences from a “buy” rating to a “neutral” rating and set a $116.00 target price for the company. in a report on Tuesday, November 26th.

Insiders Place Their Bets

In other Cassava Sciences news, CFO Eric Schoen sold 59,800 shares of Cassava Sciences stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $3.86, for a total transaction of $230,828.00. Following the completion of the sale, the chief financial officer now owns 11,500 shares of the company’s stock, valued at approximately $44,390. The trade was a 83.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 9.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. KBC Group NV purchased a new position in shares of Cassava Sciences during the 3rd quarter valued at approximately $57,000. Quest Partners LLC grew its position in Cassava Sciences by 117.8% during the third quarter. Quest Partners LLC now owns 1,997 shares of the company’s stock valued at $59,000 after buying an additional 1,080 shares during the period. Creative Planning purchased a new position in Cassava Sciences in the third quarter valued at $201,000. McAdam LLC acquired a new position in shares of Cassava Sciences in the third quarter worth about $208,000. Finally, Independent Advisor Alliance purchased a new stake in shares of Cassava Sciences during the 3rd quarter worth about $208,000. 38.05% of the stock is owned by institutional investors and hedge funds.

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.