Shares of Cassava Sciences (SAVA) added ~5% in the premarket on Friday after Richard Barry, President and Chief Executive Officer of the Alzheimer’s drug developer, purchased company stock after nearly two months.
Barry, who took over the company’s leadership in July 2024 following the resignation of former CEO Remi Barbier, has bought approximately 73.4K shares of Cassava (SAVA) for $2.75 apiece in a transaction worth nearly $201.8K, according to a regulatory filing on Thursday.
The deal conducted on Wednesday has raised Barry’s ownership stake in the company to more than 788K shares, following two other insider purchases in September for nearly 245.1K SAVA shares.
The Austin, Texas-based biotech has lost nearly 90% of its value over the past 12 months as the company moved to discontinue its research program for its lead asset, simufilam, in Alzheimer’s disease following multiple trial setbacks.
