Traders Purchase Large Volume of Call Options on Cassava Sciences (NASDAQ:SAVA)

Cassava Sciences, Inc. (NASDAQ:SAVA) was the recipient of unusually large options trading activity on Friday. Traders bought 19,765 call options on the company. This represents an increase of 21% compared to the average volume of 16,399 call options.

Cassava Sciences Trading Up 5.1 %

Shares of NASDAQ:SAVA opened at $2.89 on Friday. The company has a market capitalization of $139.04 million, a PE ratio of -2.09 and a beta of -0.86. Cassava Sciences has a 12-month low of $2.23 and a 12-month high of $42.20. The business’s fifty day simple moving average is $12.39 and its 200-day simple moving average is $19.58.

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

Analyst Ratings Changes

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

Insider Transactions at Cassava Sciences

In other news, CFO Eric Schoen sold 59,800 shares of Cassava Sciences stock in a transaction that occurred on Friday, November 29th. The shares were 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 9.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SAVA. KBC Group NV acquired a new stake in Cassava Sciences in the third quarter valued at approximately $57,000. Quest Partners LLC lifted its holdings in shares of Cassava Sciences by 117.8% during the 3rd quarter. Quest Partners LLC now owns 1,997 shares of the company’s stock valued at $59,000 after purchasing an additional 1,080 shares during the last quarter. Creative Planning acquired a new stake in shares of Cassava Sciences in the 3rd quarter worth $201,000. McAdam LLC purchased a new position in Cassava Sciences during the 3rd quarter worth $208,000. Finally, Independent Advisor Alliance acquired a new position in Cassava Sciences during the 3rd quarter valued at about $208,000. Hedge funds and other institutional investors own 38.05% of the company’s stock.

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.