- Cassava Sciences stock closes flat on Tuesday at $20.21.
- SAVA stock spikes afterhours though as news of insider buys hits newswires.
- CEO and director buy SAVA stock as it spikes over 20% afterhours.
Cassava Sciences (SAVA) joined some of the extreme moves on Tuesday as the meme stock rally returned with a frenzy of speculative fervor. We had some huge gains from the likes of BBBY, GME, BBIG and others all surging and Cassava Sciences joined the party afterhours.
Cassava Scieces stock news
Post-market, a filing showed some interesting and significant insider purchases of SAVA stock. First, CFO Eric Schoen bought a modest 2.5k shares at an average price of $19.95 each. This brings his holding up to just under 20k shares, so this is a new addition of over 10%. It was a filing from Director Sanford Robertson dated back to August 12 though that was generating the most interest. He bought 100k shares to take his holding up to nearly 1 million shares of SAVA. He bought the shares at an average of $20.69, which means he spent $2 million approximately. From what we can tell, this is the single largest dollar amount purchased of the biotech stock by Sanford Robertson in the last nine years. He has been on the board since 1998.
Cassava reported earnings on August 3 that missed on earnings per share (EPS), $-0.48 versus $-0.42 consensus.
Cassava Sciences stock forecast
This is a significant downtrend, and for the year shares are down a hefty 82%. There has been of course some speculation and rumour, and back in late July the company responded.
According to a press release, Cassava Sciences reiterated that several government agencies had requested internal information in response to allegations of research misconduct made by short-sellers back in 2021.
“I have said from the onset that allegations of research misconduct are false,” said Remi Barbier, President & CEO. “No government agency has informed us that it has found supporting evidence of research misconduct or any other wrong-doing, and for good reason – there is no supporting evidence for allegations of research misconduct.”
Regardless, the stock is stuck in a strong bear trend with support close to $12.
SAVA weekly chart
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