Why Cassava Sciences Stock Is Ripping Higher Today

Why Cassava Sciences Stock Is Ripping Higher Today

Shares of biotech firm Cassava Sciences Inc SAVA are trading higher Wednesday after new filings showed recent insider buying.

According to a Form 4 filing with the SEC, Cassava director Sanford Robertson purchased 100,000 shares at an average price of $20.69. The shares were purchased in multiple transactions on Aug. 12 at prices ranging from $19.79 to $21.31 per share. Robertson now owns 1.02 million Cassava shares.

According to a separate Form 4 filing, Cassava CFO Eric Schoen purchased 2,500 shares for $19.95 per share on Aug. 12. Following the new buy, Schoen owns a total of 19,800 shares of Cassava. 

Cassava Sciences is a clinical-stage biotech company engaged in developing a scientific approach for the treatment and detection of Alzheimer's disease.

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SAVA Price Action: Cassava has a 52-week high of $62.49 and a 52-week low of $13.84.

The stock was up 19.5% at $24.15 at press time, according to Benzinga Pro.

Photo: Chokniti Khongchum from Pixabay.

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