Cassava Sciences Inc. (NASDAQ: SAVA) was up all through December 2019, and continues with that momentum in 2020. In Friday’s trading session, the company rallied to close the day with gains of 34.03%, marking a continuation of the trend.
In the past year, the company has experienced a series of insider buys, an indicator that they have confidence in the company. Last year, one of the company’s independent director’s Sanford Robertson bought $932k worth of the company’s stock at an average price of $2.20. However, this purchase was done way below the current market price, which may not be a good indicator of the insider’s feel on the stock at the moment. However, it is important to note that, Cassava Sciences insiders did not sell their shares. Overall, over the past year, insiders bought a total of $1.7 million of the company’s shares, and none has sold so far.
It is also noteworthy that there has been significant progress in the company’s scientific developments over the past month. On the 5th of December, Cassava Sciences announced that it had more positive data for its phase 2a clinical trial for Alzheimer’s disease. The company announced that, the new data revealed clinical evidence that PTI-125s action and drug engagement showed improvement in biomarkers of the disease in lymphocytes and plasma.
The company also revealed that, the data showed consistent biomarker improvements in CSF, Lymphocytes and Plasma. It also announced that there were positive biomarker responses to PT1-125. It further announced that, it expected to publish the new data in a peer-reviewed medical journal
Looking at its price action, the stock is in an uptrend and supported by high volumes. On Friday, it traded between a low of $6.63 and a high of $10.95, before closing the day at $9.65. Volumes in the day stood at 38.47 million.
About Cassava Sciences Inc.
Cassava Sciences Inc. is a biopharma company that makes drugs for nervous system diseases. It is based in Austin, Texas.