Stock Traders Purchase High Volume of Cassava Sciences Call Options (NASDAQ:SAVA)

Cassava Sciences, Inc. (NASDAQ:SAVA) was the recipient of some unusual options trading on Friday. Stock investors purchased 19,765 call options on the stock. This is an increase of 21% compared to the average volume of 16,399 call options.

Analyst Upgrades and Downgrades

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

Cassava Sciences Trading Up 5.1 %

Shares of SAVA stock opened at $2.89 on Friday. The firm has a fifty day simple moving average of $12.39 and a two-hundred day simple moving average of $19.58. The firm 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.

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, topping analysts’ consensus estimates of ($1.37) by $0.79. During the same quarter in the prior year, the company earned ($0.61) earnings per share. On average, equities analysts predict that Cassava Sciences will post -3.97 earnings per share for the current fiscal year.

Insider Buying and Selling at Cassava Sciences

In other Cassava Sciences news, CFO Eric Schoen sold 59,800 shares of Cassava Sciences stock in a transaction on Friday, November 29th. The shares were sold at an average price of $3.86, for a total value of $230,828.00. Following the completion of the sale, the chief financial officer now directly 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 document filed with the SEC, which is accessible through this hyperlink. Insiders own 9.00% of the company’s stock.

Hedge Funds Weigh In On Cassava Sciences

Institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised its stake in shares of Cassava Sciences by 18.1% in the second quarter. Bank of New York Mellon Corp now owns 140,847 shares of the company’s stock valued at $1,739,000 after buying an additional 21,558 shares during the period. Commonwealth Equity Services LLC boosted its stake in Cassava Sciences by 7.5% during the second quarter. Commonwealth Equity Services LLC now owns 48,451 shares of the company’s stock valued at $598,000 after buying an additional 3,384 shares during the period. Rhumbline Advisers raised its holdings in shares of Cassava Sciences by 4.1% in the 2nd quarter. Rhumbline Advisers now owns 59,259 shares of the company’s stock valued at $732,000 after acquiring an additional 2,322 shares in the last quarter. Arizona State Retirement System lifted its position in Cassava Sciences by 4.2% during the second quarter. Arizona State Retirement System now owns 11,495 shares of the company’s stock valued at $142,000 after purchasing an additional 468 shares during the last quarter. Finally, PFG Investments LLC raised its position in shares of Cassava Sciences by 4.6% during the 2nd quarter. PFG Investments LLC now owns 22,880 shares of the company’s stock valued at $283,000 after buying an additional 1,000 shares in the last quarter. Institutional investors own 38.05% of the company’s stock.

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.