Analysts and investors have been paying more attention to Cassava Sciences (SAVA), a biotech company progressing toward the next phase of trials for its Alzheimer’s drug. Cassava Sciences was recommended buy by Jones Trading last week and set a price target of $100.
The share price of Cassava Sciences Inc. (SAVA) opened the day trading at $57.77 and hit an intraday high of $59.49. During Friday’s trading session, the stock recorded an intraday low of $55.3501. On Friday, the stock’s trading volume was 2.42 million.
According to analysts at Jones Trading, an experimental drug called simufilam may effectively treat Alzheimer’s disease. The FDA and Cassava Sciences met in February 2020 to discuss Cassava Sciences’ candidate’s inclusion in a late-stage clinical trial. The positive assessment of simufilam is significant because, before it, many other candidate therapies for Alzheimer’s disease—from other companies—had failed just before clinical trials were completed. Research on simufilam has proven that this therapy has promise, and the scientific basis for the drug itself has proved reliable enough to make it through the research phases.
A recent simufilam study by Cassava Sciences will be underway in the third quarter. Study results will provide valuable insight into whether the drug can be used to treat Alzheimer’s disease. Phase two of the pivotal study, scheduled to start in the fourth quarter, will assess whether patients are making improvements in their symptoms.
Over the past 12 months, Cassava Sciences (SAVA) shares have grown more than 1200%, mainly due to investor expectations. Investors are encouraged to take risks, especially as Alzheimer’s therapy nears the final stages of development.