- After a sharp selloff early this year, clinical-stage biotech Cassava Sciences ( NASDAQ: SAVA ) appears to be turning the tide, with its shares rising for the fourth straight session Friday on above-average volume to reach the highest level since April.
- Nearly 2.9M SAVA shares have changed hands so far, compared to the 65-day average of ~2.4M. The upsurge comes as SAVA, a developer of an Alzheimer’s therapy, is set to participate in an investor conference organized by H.C. Wainwright next week.
- SAVA stock crashed in late July after Reuters reported that the U.S. Justice Department had initiated a criminal probe over its experimental Alzheimer’s therapy, a claim company denied.
- Despite a ~31% selloff in 2022, SAVA shares have recovered since then, adding ~78% to strongly outperform the ~5% gain of the SPDR S&P Biotech ETF ( XBI ).
- The rally coincided with two recent insider purchases, including those from Directors Sanford Robertson and Barry Richard.
- Robertson, the principal of technology buyout fund Francisco Partners, bought 100K SAVA shares in August for over $2M to raise his stake by ~11%.
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Cassava Sciences reaches over five-month high on rising volumes