Investors Buy Large Volume of Cassava Sciences Call Options (NASDAQ:SAVA)

Cassava Sciences, Inc. (NASDAQ:SAVA) saw some unusual options trading on Tuesday. Investors acquired 12,849 call options on the stock. This represents an increase of 309% compared to the average volume of 3,144 call options.

Cassava Sciences Price Performance

NASDAQ:SAVA traded up $0.32 during trading hours on Tuesday, reaching $2.44. 1,123,432 shares of the company traded hands, compared to its average volume of 740,971. The firm’s 50-day moving average is $2.11 and its 200-day moving average is $2.67. The stock has a market cap of $117.68 million, a P/E ratio of -1.11 and a beta of -0.85. Cassava Sciences has a 1-year low of $1.15 and a 1-year high of $4.98.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SAVA. Eagle Wealth Strategies LLC purchased a new position in Cassava Sciences in the 3rd quarter valued at about $29,000. Belpointe Asset Management LLC purchased a new stake in shares of Cassava Sciences during the third quarter worth about $37,000. Fortis Capital Advisors LLC acquired a new position in shares of Cassava Sciences in the third quarter valued at approximately $37,000. Mayport LLC acquired a new position in shares of Cassava Sciences in the third quarter valued at approximately $39,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in shares of 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 valued at $27,000 after buying an additional 11,200 shares during the period. Institutional investors and hedge funds own 38.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SAVA. Wall Street Zen upgraded Cassava Sciences from a “sell” rating to a “hold” rating in a research note on Sunday. Weiss Ratings reissued a “sell (e+)” rating on shares of Cassava Sciences in a research note on Friday, December 26th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $2.00.

Cassava Sciences Company Profile

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.