Cassava Sciences (NASDAQ:FLNA) Stock Sees Heavy Call Option Buying

Cassava Sciences, Inc. (NASDAQ:FLNA) was the recipient of some unusual options trading on Monday. Investors bought 3,212 call options on the company. This is an increase of 1,582% compared to the average volume of 191 call options.

Cassava Sciences Trading Up 4.8%

NASDAQ:FLNA traded up $0.02 on Monday, reaching $0.47. 75,725 shares of the stock traded hands, compared to its average volume of 958,976. The firm has a market capitalization of $22.92 million, a price-to-earnings ratio of -0.55 and a beta of -0.48. The company’s 50 day moving average is $0.75 and its 200-day moving average is $1.35. Cassava Sciences has a 1-year low of $0.43 and a 1-year high of $3.45.

Cassava Sciences (NASDAQ:FLNA) last released its quarterly earnings results on Thursday, November 5th. The company reported ($0.22) earnings per share (EPS) for the quarter.

Insider Buying and Selling at Cassava Sciences

In other news, CEO Richard Barry acquired 100,000 shares of the stock in a transaction dated Wednesday, September 30th. The stock was bought at an average price of $0.92 per share, with a total value of $92,000.00. Following the completion of the purchase, the chief executive officer directly owned 1,337,964 shares of the company’s stock, valued at $1,230,926.88. This represents a 8.08% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders bought 399,904 shares of company stock worth $356,328 in the last quarter. Insiders own 4.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded shares of Cassava Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, October 9th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Cassava Sciences presently has a consensus rating of “Hold” and a consensus price target of $5.00.

Cassava Sciences Company Profile

Cassava Sciences, Inc is a clinical-stage biopharmaceutical company focused on developing treatments and diagnostic technologies for neurodegenerative diseases, particularly Alzheimer’s disease. The company’s research platform centers on filamin A, a scaffolding protein that Cassava believes may contribute to disease-related signaling when altered.

Cassava’s primary drug candidate has been simufilam, an investigational oral therapy designed to modify altered filamin A and potentially address biological processes associated with Alzheimer’s disease.