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Cassava Sciences Inc (NASDAQ:SAVA) shares are trading higher Tuesday morning after a Form 4 filing disclosed that CEO Rick Barry acquired 237,941 shares at an average price of $2.25 each.
What To Know: Barry’s insider purchase injects a dose of confidence following the company’s decision earlier this year to discontinue the development of its Alzheimer’s drug, simufilam.
The halt came after the Phase 3 REFOCUS-ALZ trial failed to meet its primary endpoints for improving cognition and function.
Barry called the results “unambiguous” and had announced plans to phase out the program by the end of the second quarter.
The trial failure caused the stock to collapse, falling over 91% in the past year. The CEO’s buy is otherwise being viewed by investors as a vote of confidence in the company’s future.
SAVA Price Action: According to data from Benzinga Pro, Cassava shares are trading higher by 19.61% to $2.77 Tuesday morning. The stock has a 52-week high of $33.98 and a 52-week low of $1.15.
Read Also: IonQ Stock Is Trading Higher Today: What’s Happening?
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Cassava Sciences’ case, it is in the Health Care sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
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Posted In: SAVA
