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

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

Analyst Upgrades and Downgrades

Several research firms have commented on SAVA. Rodman & Renshaw reaffirmed a “buy” rating and issued a $107.00 price target on shares of Cassava Sciences in a report on Thursday, August 8th. HC Wainwright reaffirmed a “neutral” rating on shares of Cassava Sciences in a report on Tuesday, August 13th.

Hedge Funds Weigh In On Cassava Sciences

Several institutional investors and hedge funds have recently modified their holdings of the business. Arizona State Retirement System grew its holdings in Cassava Sciences by 4.2% in the second quarter. Arizona State Retirement System now owns 11,495 shares of the company’s stock valued at $142,000 after purchasing an additional 468 shares during the period. Janney Montgomery Scott LLC grew its position in shares of Cassava Sciences by 3.6% in the first quarter. Janney Montgomery Scott LLC now owns 14,690 shares of the company’s stock valued at $298,000 after purchasing an additional 506 shares during the period. Profund Advisors LLC lifted its stake in Cassava Sciences by 4.6% in the 2nd quarter. Profund Advisors LLC now owns 13,440 shares of the company’s stock valued at $166,000 after buying an additional 591 shares in the last quarter. NBC Securities Inc. boosted its stake in shares of Cassava Sciences by 9.3% in 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 last quarter. Finally, State Board of Administration of Florida Retirement System boosted its position in Cassava Sciences by 5.7% during the first quarter. State Board of Administration of Florida Retirement System now owns 12,149 shares of the company’s stock worth $247,000 after acquiring an additional 650 shares during the last quarter. Hedge funds and other institutional investors own 38.05% of the company’s stock.

Cassava Sciences Price Performance

Shares of NASDAQ SAVA opened at $28.49 on Friday. The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of -13.10 and a beta of -0.63. The firm’s 50 day simple moving average is $25.98 and its 200-day simple moving average is $21.76. 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, beating the consensus estimate of ($0.44) by $0.57. During the same quarter last year, the business posted ($0.63) EPS. Analysts anticipate that Cassava Sciences will post -5.7 earnings per share for the current fiscal year.

About Cassava Sciences

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.