Traders Buy Large Volume of Cassava Sciences Put Options (NASDAQ:SAVA)

Cassava Sciences, Inc. (NASDAQ:SAVA) was the recipient of some unusual options trading activity on Friday. Stock investors acquired 18,755 put options on the stock. This is an increase of approximately 63% compared to the typical daily volume of 11,523 put options.

Cassava Sciences Price Performance

NASDAQ SAVA opened at $28.49 on Friday. The firm’s fifty day moving average price is $26.35 and its 200 day moving average price is $21.83. The company has a market capitalization of $1.37 billion, a price-to-earnings ratio of -13.13 and a beta of -0.63. Cassava Sciences has a 12 month low of $8.79 and a 12 month high of $42.20.

Cassava Sciences (NASDAQ:SAVA) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of ($0.44) by $0.57. During the same period last year, the business posted ($0.63) EPS. As a group, sell-side analysts forecast that Cassava Sciences will post -5.7 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Rodman & Renshaw reissued a “buy” rating and issued a $107.00 price objective on shares of Cassava Sciences in a research report on Thursday, August 8th. HC Wainwright reissued a “neutral” rating on shares of Cassava Sciences in a research report on Tuesday, August 13th.

Hedge Funds Weigh In On Cassava Sciences

A number of hedge funds and other institutional investors have recently made changes to their positions in SAVA. EntryPoint Capital LLC increased its stake in Cassava Sciences by 1,251.2% in the 1st quarter. EntryPoint Capital LLC now owns 2,297 shares of the company’s stock valued at $47,000 after buying an additional 2,127 shares during the period. NBC Securities Inc. increased its stake in shares of Cassava Sciences by 9.3% during the first quarter. NBC Securities Inc. now owns 7,650 shares of the company’s stock worth $155,000 after acquiring an additional 650 shares during the period. CANADA LIFE ASSURANCE Co raised its holdings in Cassava Sciences by 146.7% during the first quarter. CANADA LIFE ASSURANCE Co now owns 9,408 shares of the company’s stock worth $191,000 after purchasing an additional 5,594 shares in the last quarter. Aristides Capital LLC acquired a new stake in Cassava Sciences in the fourth quarter valued at about $225,000. Finally, Dark Forest Capital Management LP purchased a new stake in Cassava Sciences in the 2nd quarter valued at approximately $131,000. Hedge funds and other institutional investors own 38.05% of the company’s stock.

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.