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

Cassava Sciences, Inc. (NASDAQ:SAVAGet Free Report) was the recipient of unusually large options trading on Tuesday. Investors acquired 9,018 call options on the company. This represents an increase of approximately 78% compared to the average volume of 5,071 call options.

Cassava Sciences Stock Performance

NASDAQ SAVA traded up $1.38 on Tuesday, hitting $11.22. 999,685 shares of the stock traded hands, compared to its average volume of 1,019,775. The business’s fifty day moving average is $19.82 and its two-hundred day moving average is $21.74. Cassava Sciences has a 12 month low of $8.79 and a 12 month high of $32.10. The firm has a market capitalization of $538.34 million, a price-to-earnings ratio of -4.82 and a beta of -0.57.

Cassava Sciences (NASDAQ:SAVAGet Free Report) last posted its quarterly earnings results on Friday, May 10th. The company reported ($1.41) earnings per share for the quarter, missing the consensus estimate of ($0.51) by ($0.90). Analysts expect that Cassava Sciences will post -1.86 EPS for the current fiscal year.

Hedge Funds Weigh In On Cassava Sciences

Several large investors have recently modified their holdings of SAVA. Northwest Financial Advisors purchased a new stake in shares of Cassava Sciences during the 4th quarter valued at approximately $25,000. Benjamin F. Edwards & Company Inc. lifted its position in shares of Cassava Sciences by 653.6% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 1,153 shares of the company’s stock worth $26,000 after acquiring an additional 1,000 shares in the last quarter. EntryPoint Capital LLC boosted its holdings in shares of Cassava Sciences by 1,251.2% in the first quarter. EntryPoint Capital LLC now owns 2,297 shares of the company’s stock worth $47,000 after acquiring an additional 2,127 shares during the period. Byrne Asset Management LLC grew its position in shares of Cassava Sciences by 32.9% in the fourth quarter. Byrne Asset Management LLC now owns 3,350 shares of the company’s stock valued at $75,000 after purchasing an additional 830 shares in the last quarter. Finally, Quest Partners LLC purchased a new stake in Cassava Sciences during the 4th quarter worth about $118,000. Hedge funds and other institutional investors own 38.05% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, HC Wainwright lowered Cassava Sciences from a “buy” rating to a “neutral” rating in a report on Monday, July 1st.

Check Out Our Latest Report on Cassava Sciences

About Cassava Sciences

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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.

Further Reading

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