Cassava Sciences Inc (NASDAQ: SAVA) shares are trading lower on above-average volume Wednesday. Despite Wednesday's fall, the stock is still up more than 50% since mid-August.
What's Going On: Cassava shares began surging last month after regulatory 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 owns 1.02 million Cassava shares in total.
Cassava CFO Eric Schoen also purchased shares on Aug. 12. Schoen bought 2,500 shares for $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 shares of Cassava. According to Benzinga's Insider Trading page, Kupiec 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 Trades Spotted
Why It Matters: Cassava is a clinical-stage biotechnology company focused on Alzheimer's disease. As of Aug 3, the company had 400 patients enrolled in its Phase 3 program of simufilam in Alzheimer's disease. Cassava expects to initiate 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 announce top-line clinical results for this study near the end of 2022.
What Else: Cassava has been trending across social media platforms in recent weeks. It was among the top trending tickers on Stocktwits at publication time.
Cassava's average session volume over a 100-day period is about 2.67 million, according to Benzinga Pro. Wednesday's trading volume has already exceeded 3.8 million at time of publication.
SAVA Price Action: Cassava has a 52-week high of $62.49 and a 52-week low of $13.84.
The stock was down 5.42% at $36.80 Wednesday morning.
Photo: Konstantin Kolosov from Pixabay.
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