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

Cassava Sciences, Inc. (NASDAQ:SAVA) saw unusually large options trading on Thursday. Stock traders bought 6,925 call options on the company. This represents an increase of 38% compared to the average volume of 5,002 call options.

Cassava Sciences Stock Up 6.5 %

Cassava Sciences stock opened at $26.11 on Friday. The firm has a fifty day moving average of $22.12 and a 200-day moving average of $19.38. Cassava Sciences has a 52-week low of $12.32 and a 52-week high of $32.10. The firm has a market capitalization of $1.13 billion, a P/E ratio of -11.25 and a beta of -0.45.

Cassava Sciences (NASDAQ:SAVA) last announced its quarterly earnings results on Wednesday, February 28th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.10). On average, research analysts expect that Cassava Sciences will post -2.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Cassava Sciences

Several hedge funds have recently modified their holdings of SAVA. Envestnet Asset Management Inc. grew its position in Cassava Sciences by 34.7% in the first quarter. Envestnet Asset Management Inc. now owns 6,737 shares of the company’s stock valued at $250,000 after acquiring an additional 1,736 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Cassava Sciences by 16.8% during the 1st quarter. JPMorgan Chase & Co. now owns 28,718 shares of the company’s stock worth $1,066,000 after buying an additional 4,123 shares during the period. Raymond James & Associates lifted its holdings in Cassava Sciences by 22.7% in the 1st quarter. Raymond James & Associates now owns 53,607 shares of the company’s stock worth $1,991,000 after buying an additional 9,916 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in Cassava Sciences by 44.5% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 11,945 shares of the company’s stock worth $444,000 after buying an additional 3,680 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Cassava Sciences by 0.6% in the 1st quarter. Bank of New York Mellon Corp now owns 122,993 shares of the company’s stock valued at $4,568,000 after buying an additional 712 shares during the last quarter. 38.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reiterated a “buy” rating and set a $124.00 target price on shares of Cassava Sciences in a report on Tuesday, March 5th.

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.