What Is the Situation With Cassava Sciences Stock?

Cassava Sciences Stock

Cassava Sciences Stock (NASDAQ:SAVA) is trading down on higher-than-average activity on Wednesday. Despite the drop on Wednesday, SAVA stock (NASDAQ:SAVA) is still up more than 50% since mid-August.

What’s Happening to Cassava Sciences Stock?

SAVA stock (NASDAQ:SAVA) started rising last month after regulatory filings revealed recent insider purchases. Cassava director Sanford Robertson acquired 100,000 shares at an average price of $20.69, according to a Form 4 filing with the SEC. On August 12, the shares were acquired in numerous transactions at values ranging from $19.79 to $21.31 per share. Robertson has a total of 1.02 million SAVA Stock.

On August 12, Cassava CFO Eric Schoen also acquired shares. Schoen increased his holding to 19,800 shares by purchasing 2,500 shares at $19.95 per share.

A week later, Cassava stock (NASDAQ:SAVA) was bought by chief clinical development officer James Kupiec and director Richard Barry. According to Benzinga’s Insider Trading page, Kupiec purchased 2,500 shares for $24.44 on average, while Barry purchased 36,159 shares for $23.79.

Why It’s Important:

Cassava is a clinical-stage biotechnology firm specializing in Alzheimer’s disease. As of August 3, the business has 400 patients enrolled in its Phase 3 Alzheimer’s disease simufilam trial. Cassava anticipates that an open-label extension trial for its Phase 3 program will begin in the second part of 2022.

Cassava is now conducting an open-label trial of simufilam in individuals with mild-to-moderate Alzheimer’s disease. The business anticipates that top-line clinical data for this research will be released around the end of 2022.

Cassava has recently been trending on social media platforms. At the time of writing, it was one of the top trending tickers on Stocktwits. According to Benzinga Pro, Cassava’s average session volume over a 100-day period is 2.67 million. At the time of writing, Wednesday’s trade volume had already surpassed 3.8 million.

Cassava Sciences Stock Price Movement: 

The 52-week high for cassava is $62.49, and the 52-week low is $13.84.

Wednesday morning, SAVA stock (NASDAQ:SAVA) was down 5.42% at $36.80.

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About the author: Okoro Chinedu is a freelance writer specializing in health and finance, with a keen interest in cryptocurrency and blockchain technology. He has worked in content creation and digital journalism. Since 2019, he has written on various online platforms, and his work has been recognized by several important media sources and specialists in finance and crypto. In addition to writing, Chinedu enjoys reading, playing football, posing as a medical student, and traveling.