Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Cassava Sciences (NASDAQ: SAVA) are rallying premarket after the company announced top-line clinical data from a pre-planned interim analysis of an ongoing open-label study with its drug candidate simufilam in patients with mild-to-moderate Alzheimer’s disease.
In a study funded by the National Institutes of Health (NIH), ADAS-Cog11 scores increased on average 3.2 points from baseline in the first 50 subjects who completed 12 months of treatment with simufilam.
Cassava said that to emphasise impartiality, the scores were independently analysed by two biostatisticians.
In addition, no behavior disorders on NPI (Neuropsychiatric Inventory, a tool used to assess changes in dementia-related behavior) in over 50% of the study subjects at month 12.
Initiation of Cassava's Phase 3 clinical program remains on-track for Q4, with Special Protocol Assessments from FDA.
The company has seen a lot of negative press in recent weeks after allegations regarding the quality and integrity of its lab-based simufilam studies.
As a result, Cantor Fitzgerald analyst Charles Duncan suspended his previous Neutral rating and $109 price target on the company's shares.
Premarket Wednesday, Cassava Sciences shares are up 20% at $63.50. While they are down over 49% in the last month, SAVA stock is still up over 675% for the year to date.
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