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

Cassava Sciences, Inc. (NASDAQ:SAVA) was the target of some unusual options trading on Tuesday. Stock traders purchased 9,018 call options on the stock. This represents an increase of 78% compared to the average daily volume of 5,071 call options.

Hedge Funds Weigh In On Cassava Sciences

A number of institutional investors have recently modified their holdings of SAVA. Northwest Financial Advisors acquired a new stake in Cassava Sciences in the fourth quarter valued at about $25,000. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Cassava Sciences by 653.6% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 1,153 shares of the company’s stock worth $26,000 after acquiring an additional 1,000 shares during the last quarter. EntryPoint Capital LLC boosted its stake in shares of 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 purchasing an additional 2,127 shares in the last quarter. Byrne Asset Management LLC grew its holdings in shares of Cassava Sciences by 32.9% during the 4th quarter. Byrne Asset Management LLC now owns 3,350 shares of the company’s stock valued at $75,000 after purchasing an additional 830 shares during the last quarter. Finally, Quest Partners LLC bought a new stake in shares of Cassava Sciences during the 4th quarter valued at approximately $118,000. Institutional investors and hedge funds own 38.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright cut shares of Cassava Sciences from a “buy” rating to a “neutral” rating in a report on Monday, July 1st.

Cassava Sciences Stock Down 3.4 %

SAVA opened at $11.16 on Thursday. The stock has a market capitalization of $535.41 million, a price-to-earnings ratio of -5.14 and a beta of -0.57. Cassava Sciences has a twelve month low of $8.79 and a twelve month high of $32.10. The company has a 50-day simple moving average of $19.36 and a 200 day simple moving average of $21.55.

Cassava Sciences (NASDAQ:SAVA) last issued its quarterly earnings results on Friday, May 10th. The company reported ($1.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.90). Sell-side analysts anticipate that Cassava Sciences will post -1.86 EPS for the current fiscal year.

Cassava Sciences Company Profile

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.