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

Cassava Sciences, Inc. (NASDAQ:SAVA) saw some unusual options trading on Friday. Stock investors acquired 19,765 call options on the company. This represents an increase of approximately 21% compared to the typical volume of 16,399 call options.

Insider Buying and Selling at Cassava Sciences

In other news, CFO Eric Schoen sold 59,800 shares of the stock in a transaction dated 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 in the company, valued at approximately $44,390. This represents a 83.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 9.00% of the stock is owned by company insiders.

Institutional Trading of Cassava Sciences

Several hedge funds have recently modified their holdings of SAVA. Geode Capital Management LLC grew its position in Cassava Sciences by 4.3% during the third quarter. Geode Capital Management LLC now owns 1,008,593 shares of the company’s stock worth $29,688,000 after buying an additional 41,289 shares during the period. Tidal Investments LLC purchased a new stake in shares of Cassava Sciences during the 3rd quarter worth approximately $11,036,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Cassava Sciences by 3.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 361,797 shares of the company’s stock worth $10,648,000 after acquiring an additional 10,429 shares during the period. Clear Creek Financial Management LLC grew its holdings in shares of Cassava Sciences by 5.5% in the 3rd quarter. Clear Creek Financial Management LLC now owns 153,533 shares of the company’s stock worth $4,518,000 after acquiring an additional 7,983 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Cassava Sciences by 18.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 140,847 shares of the company’s stock valued at $1,739,000 after purchasing an additional 21,558 shares in the last quarter. 38.05% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Cassava Sciences Stock Performance

Cassava Sciences stock traded up $0.11 during trading hours on Friday, reaching $2.86. 3,756,657 shares of the stock were exchanged, compared to its average volume of 5,074,710. Cassava Sciences has a 52-week low of $2.23 and a 52-week high of $42.20. The stock has a market cap of $137.59 million, a P/E ratio of -2.07 and a beta of -0.86. The firm’s 50 day moving average is $12.86 and its 200 day moving average is $19.70.

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