Traders Purchase High Volume of Put Options on Cassava Sciences (NASDAQ:SAVA)

Cassava Sciences, Inc. (NASDAQ:SAVA) saw some unusual options trading activity on Friday. Stock investors purchased 18,755 put options on the stock. This is an increase of approximately 63% compared to the typical daily volume of 11,523 put options.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SAVA. EntryPoint Capital LLC raised its position in Cassava Sciences by 1,251.2% in the 1st quarter. EntryPoint Capital LLC now owns 2,297 shares of the company’s stock valued at $47,000 after buying an additional 2,127 shares during the last quarter. NBC Securities Inc. grew its stake in shares of Cassava Sciences by 9.3% during the 1st quarter. NBC Securities Inc. now owns 7,650 shares of the company’s stock worth $155,000 after acquiring an additional 650 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in shares of Cassava Sciences by 146.7% in the first quarter. CANADA LIFE ASSURANCE Co now owns 9,408 shares of the company’s stock valued at $191,000 after purchasing an additional 5,594 shares during the last quarter. Aristides Capital LLC bought a new stake in shares of Cassava Sciences in the fourth quarter worth $225,000. Finally, Dark Forest Capital Management LP acquired a new position in Cassava Sciences during the second quarter worth $131,000. 38.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently commented on SAVA. Rodman & Renshaw reiterated a “buy” rating and issued a $107.00 price objective on shares of Cassava Sciences in a report on Thursday, August 8th. HC Wainwright restated a “neutral” rating on shares of Cassava Sciences in a report on Tuesday, August 13th.

Cassava Sciences Stock Down 10.6 %

Shares of SAVA traded down $3.38 on Friday, hitting $28.49. The company’s stock had a trading volume of 5,758,313 shares, compared to its average volume of 1,725,749. The firm’s fifty day moving average price is $25.98 and its 200-day moving average price is $21.76. Cassava Sciences has a fifty-two week low of $8.79 and a fifty-two week high of $42.20. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of -13.10 and a beta of -0.63.

Cassava Sciences (NASDAQ:SAVA) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.57. During the same quarter in the prior year, the company posted ($0.63) EPS. As a group, equities analysts predict that Cassava Sciences will post -5.7 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.