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.