Cassava Sciences Target of Unusually High Options Trading (NASDAQ:SAVA)

Key Points

• Cassava Sciences experienced a significant spike in options trading, with 5,389 call options purchased, marking a 156% increase compared to its average volume.
• CEO Richard Barry recently acquired 190,633 shares of the company at an average price of $2.24, reflecting a 40.6% increase in his ownership stake.
• Multiple hedge funds have significantly expanded their investments in Cassava Sciences, with notable increases including 679.1% by Two Sigma Investments LP in the fourth quarter.

Cassava Sciences, Inc. (NASDAQ:SAVA - Get Free Report) was the recipient of unusually large options trading on Wednesday. Traders purchased 5,389 call options on the stock. This is an increase of approximately 156% compared to the average volume of 2,107 call options.

Insider Transactions at Cassava Sciences

In other news, CEO Richard Barry bought 190,633 shares of the firm's stock in a transaction that occurred on Thursday, September 18th. The shares were purchased at an average price of $2.24 per share, with a total value of $427,017.92. Following the purchase, the chief executive officer owned 660,195 shares in the company, valued at approximately $1,478,836.80. The trade was a 40.60% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last quarter, insiders bought 245,113 shares of company stock worth $551,705. 12.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SAVA. Northern Trust Corp grew its stake in shares of Cassava Sciences by 2.7% in the 4th quarter. Northern Trust Corp now owns 406,562 shares of the company's stock valued at $959,000 after purchasing an additional 10,782 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of Cassava Sciences by 638.0% in the 4th quarter. BNP Paribas Financial Markets now owns 64,561 shares of the company's stock valued at $152,000 after purchasing an additional 55,813 shares during the last quarter. Deutsche Bank AG grew its stake in shares of Cassava Sciences by 42.7% in the 4th quarter. Deutsche Bank AG now owns 36,571 shares of the company's stock valued at $86,000 after purchasing an additional 10,940 shares during the last quarter. Two Sigma Investments LP grew its stake in shares of Cassava Sciences by 679.1% in the 4th quarter. Two Sigma Investments LP now owns 562,082 shares of the company's stock valued at $1,327,000 after purchasing an additional 489,936 shares during the last quarter. Finally, Two Sigma Advisers LP purchased a new position in shares of Cassava Sciences in the 4th quarter valued at approximately $1,432,000. Hedge funds and other institutional investors own 38.05% of the company's stock.

Cassava Sciences Price Performance

Shares of NASDAQ SAVA traded down $0.19 during midday trading on Wednesday, hitting $3.22. 4,667,555 shares of the company's stock were exchanged, compared to its average volume of 1,649,293. Cassava Sciences has a twelve month low of $1.15 and a twelve month high of $33.98. The company has a market cap of $155.61 million, a PE ratio of -1.26 and a beta of -2.06. The firm's fifty day simple moving average is $2.27 and its 200-day simple moving average is $2.03.

Cassava Sciences (NASDAQ:SAVA - Get Free Report) last issued its earnings results on Thursday, August 14th. The company reported ($0.18) earnings per share for the quarter. Equities analysts anticipate 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.