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

Cassava Sciences, Inc. (NASDAQ:SAVA) was the target of unusually large options trading on Tuesday. Traders purchased 12,849 call options on the company. This is an increase of 309% compared to the typical volume of 3,144 call options.

Cassava Sciences Stock Performance

Shares of Cassava Sciences stock opened at $2.38 on Wednesday. The business’s 50 day simple moving average is $2.12 and its 200 day simple moving average is $2.67. Cassava Sciences has a 52-week low of $1.15 and a 52-week high of $4.98. The firm has a market cap of $114.98 million, a PE ratio of -1.09 and a beta of -0.85.

Institutional Investors Weigh In On Cassava Sciences

Several hedge funds have recently bought and sold shares of SAVA. Caitong International Asset Management Co. Ltd grew its holdings in Cassava Sciences by 465.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 13,606 shares of the company’s stock worth $27,000 after purchasing an additional 11,200 shares during the period. TT Capital Management LLC bought a new stake in Cassava Sciences in the second quarter valued at approximately $28,000. Eagle Wealth Strategies LLC acquired a new stake in shares of Cassava Sciences in the third quarter valued at approximately $29,000. Aristides Capital LLC bought a new position in shares of Cassava Sciences during the 2nd quarter worth approximately $29,000. Finally, Catalyst Funds Management Pty Ltd bought a new position in shares of Cassava Sciences during the 2nd quarter worth approximately $34,000. 38.05% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SAVA. Wall Street Zen raised shares of Cassava Sciences from a “sell” rating to a “hold” rating in a research note on Sunday. Weiss Ratings restated a “sell (e+)” rating on shares of Cassava Sciences in a report on Friday, December 26th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $2.00.

About Cassava Sciences

Cassava Sciences, Inc is a clinical-stage biopharmaceutical company focused on the development of novel therapies and diagnostics for Alzheimer’s disease and related neurodegenerative disorders. Headquartered in Austin, Texas, the company was originally founded as Pain Therapeutics in 1998 and rebranded to Cassava Sciences in 2017. Cassava’s research program centers on small molecules designed to address underlying mechanisms of neurodegeneration rather than solely targeting amyloid plaques or tau tangles.

The company’s lead drug candidate, simufilam (formerly PTI-125), is a proprietary small molecule that aims to restore normal shape and function to the scaffolding protein filamin A, which has been implicated in impaired neuronal signaling and inflammation in Alzheimer’s patients.