Stock Alert: Cassava Sciences Rises 9%

(RTTNews) - Shares of Cassava Sciences, Inc. (SAVA) are currently up 9% on Tuesday morning after news that Board member Robertson Sanford increased his stake in the company.

SAVA is currently trading at $10.70, up $0.89 or 9.01%, on the Nasdaq.

On Monday, the clinical stage biotechnology company disclosed that Sanford Robertson, who has served as a director since 1998, bought 36,281 shares at $8.92 per share, increasing his holdings to nearly 1 million shares.

The company's stock has surged over 200% over the past one month, following news of positive data on lead Alzheimer's drug.

Last week, the company announced final results of a phase IIb study of Sumifilam in patients with Alzheimer's disease, with the treatment group showing statistically significant improvements in biomarkers of the Alzheimer's disease compared to placebo group.