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Cassava Sciences Shares Surged 27.5% Today, Here’s Why

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Simon Mugo

Shares of Cassava Sciences Inc (NASDAQ: SAVA) today surged 27.5% premarket on news that Sanford Robertson a company director had bought 213,719 more shares for $1,491,759.

This was revealed via a Form 4 filing published by the US Securities and Exchange Commission (SEC) yesterday.

The company recently gapped higher after analysts upgraded its rating following the positive results of the Phase 2B clinical study of Sumifilam, its Alzheimer’s drug, where 98% of respondents showed improvements.

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This week has been a wild ride for Cassava Sciences investors as the company’s stocked has gapped significantly higher given that it was trading below the $4 level since May, and is now comfortably above the $8 price level representing a 100% gain.

Casava Sciences share price

Tradingview chart of Cassava Sciences share price 18092020

Cassava Sciences shares today surged 27.5% to trade at a high of $9.04 after ending Thursday’s session trading at $7.09.

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Simon Mugo
Simon Mugo
Contributor

Simon ist Autor und Analyst für den Bereich Finanzwesen und blickt auf über sechs Jahre professionelle Erfahrung als Trader zurück. Er absolvierte einen Bachelor in Mathematik und Informatik und hat eine Leidenschaft für die Finanzmärkte. Simon handelt FX, Rohstoffe und Aktien. Er konzentriert sich auf Price Action Trading.