Why Shares of Cassava Sciences Soared This Week
Shares of Cassava Sciences (NASDAQ: SAVA) were up 14.9% for the week, according to data provided by S&P Global Market Intelligence. The healthcare stock closed at $16.64 last week, fell to a 52-week low of $16.40, and then rose to as high as $19.31 on Friday. The stock is still down more than 34% so far this year.
There were several factors in the clinical-stage biotech stock's rise this week. First, investors saw a potential bargain when the stock hit a two-year low, and those investors included several Cassava insiders.
On Tuesday, four Cassava executives made large buys. Company founder and CEO Remi Barbier bought 450,000 shares, chief medical officer James Kupiec bought 150,000 shares, chief financial officer Eric Schoen bought 150,000 shares, and senior vice president and general counsel Robert Cook bought 50,000 shares.
Source Fool.com