Shares of Cassava Sciences (NASDAQ: SAVA) and Anavex Life Sciences (NASDAQ: AVXL) are surging premarket on Thursday following Cassava’s announcement on Tuesday regarding positive data study of simufilam in Alzheimer's disease.
Cassava reported that interim analysis from an open-label study into its lead drug candidate for treating Alzheimer's disease showed improved patient cognition and behaviour following six months of treatment.
Fellow biotech developer Anavex Life Sciences is also gaining from Cassava’s news as it's own lead asset, Anavex®2-73 is currently in phase 2b/3 trials in Alzheimer's disease.
The trial has enrolled 80% of patients with the full enrollment of 450 patients expected in early 2021.
Anavex shares were halted for volatility early in the morning and are currently trading over 59 per cent higher at $16.51.
Cassava's stock price closed 141 per cent higher on Tuesday, following the simufilam announcement, and gained another 58 per cent on Wednesday. So far, premarket on Thursday its share price is up 37 per cent at $121 per share.
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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.