Cassava Sciences Inc SAVA Stocks trade lower on above-average volume on Wednesday. Despite Wednesday’s drop, the stock is still up more than 50% since mid-August.
What’s happening: Cassava shares started rising last month after regulatory filings showed recent insider buying.
According to a Form 4 filing with the SEC, a director of Cassava Sanford Robertson bought 100,000 shares at an average price of $20.69. The shares were purchased in multiple transactions on August 12 at prices ranging from $19.79 to $21.31 per share. Robertson owns a total of 1.02 million common shares of Cassava.
Chief Financial Officer of Cassava Eric Nice also bought shares on August 12. Schoen bought 2,500 shares at $19.95 per share, increasing his position to 19,800 shares.
A week later Chief Clinical Development Officer James Kupiec and director Richard Barry purchased Cassava stocks. Corresponding Gasoline gas insider trading siteKupiec bought 2,500 shares at an average price of $24.44 and Barry bought 36,159 shares at an average price of $23.79.
Related link: Cassava Sciences Whale Trade Discovered
Why it matters: Cassava is a clinical-stage biotechnology company focused on Alzheimer’s disease. As of August 3, the company had enrolled 400 patients in its phase 3 program of simufilam for the treatment of Alzheimer’s disease. Cassava anticipates initiating an open-label extension study for its Phase 3 program in the second half of 2022.
Cassava currently has an ongoing open-label study evaluating simufilam in patients with mild to moderate Alzheimer’s disease. The Company expects to report top-line clinical results for this study in late 2022.
What else: Cassava has been trending on social media platforms for the past few weeks. It was among the top trending tickers on Stocktwits at the time of publication.
According to Cassava, the average session volume over a 100-day period is about 2.67 million Gasoline Pro. Wednesday’s trading volume has already surpassed 3.8 million at the time of publication.
SAVA price promotion: Cassava has a…
