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Highlights
- The stock gained interest after a journal article co-authorized by two senior Cassava employees was doing the round on social media.
- Cassava was in the centre of a controversy over its experimental Alzheimer’s drug Simufilam.
- On Tuesday, the company reiterated that Neuroscience found no evidence of data tampering in its 2005 paper deemed critical to its simufilam research.
Shares of biotechnology company Cassava Sciences (NASDAQ:SAVA) rose more than 20% on Tuesday morning as investor interest in the firm grew on social media.
The Cassava (SAVA) stock saw the highest number of citations on Twitter on Tuesday morning, according to platforms that follow mentions of ticker symbols.
What's happening with SAVA stock today?
The Cassava (SAVA) stock was priced at US$44.2183, up 20.26% from its previous close at 10:40 am ET. The trading volume was around 282,000 compared to its 65-day average volume of 5.7 million.
The stock gained interest after a journal article co-authorized by two senior Cassava employees was doing the round on social media. The article was published on Monday.
Cassava was in the centre of a controversy over its experimental Alzheimer’s drug Simufilam. In November, the company said The Journal of Neuroscience, a prestigious academic publication, found no evidence of data tampering in its 2005 paper deemed critical to its simufilam research.
Monday’s article had images that were the subject of the simufilam row. In a press release on Tuesday, it reiterated that Neuroscience found no proof to support claims of data manipulation, asserting that the journal’s mission is to report “new and carefully confirmed findings.”
Is Cassava (SAVA) stock worth exploring?
Several analysts have rated the stock highly. Some have given it a score of 73, making it among the top stocks in the biotechnology segment. Cassava Sciences is ranked 92 out of the 148 industries.
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Source: Pixabay
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Simufilam Row
In August 2021, a law firm representing a group of investors filed a petition with the FDA alleging data manipulation in the Neuroscience article authored by Cassava scientists. Consequently, the journal requested Cassava to submit all raw data, including the original, uncropped Western blots images that are now shared on social media. After its probe concluded, the journal stressed in an online editorial note on Dec 20, 2021, that it found no evidence of data manipulation.
In November this year, Cassava initiated its second Phase 3 study spanning 78 weeks to evaluate the safety and efficacy of Simufilam. The study will cover 1,000 patients with Alzheimer's disease.
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Financials
As of Sept 30, 2021, its cash and cash equivalents were US$241.5 million against US$93.5 million at the end of 2020.
It reported a net loss of US$9.6 million, or US$0.24 per share, at the end of the third quarter ended Sept 30, 2021, against a net loss of US$1.4 million, or US$0.06 per share, a year ago.
Its R&D expenses were US$8.0 million compared to US$0.4 million in the same period of 2020.
