What's Going On: Cassava shares began surging last month after regulatory filings showed recent insider buying.
According to a Form 4 filing with the SEC, Cassava director Sanford Robertson purchased 100,000 shares at an average price of $20.69. The shares were purchased in multiple transactions on Aug. 12 at prices ranging from $19.79 to $21.31 per share. Robertson owns 1.02 million Cassava shares in total.
Cassava CFO Eric Schoen also purchased shares on Aug. 12. Schoen bought 2,500 shares for $19.95 per share, increasing his position to 19,800 shares.
A week later, chief clinical development officer James Kupiec and director Richard Barry purchased shares of Cassava. According to Benzinga's Insider Trading page, Kupiec bought 2,500 shares at an average price of $24.44 and Barry bought 36,159 shares at an average price of $23.79.