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Cassava Sciences (SAVA) refuted reviews Friday that it acquired a “termination letter” from U.S. officers surrounding an investigation into its experimental Alzheimer’s drug — and SAVA inventory tumbled.
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The information continues a wild journey for Cassava. Final November, the Securities and Trade Fee opened an investigation into Cassava’s simufilam analysis. Cassava is testing the drug in sufferers with Alzheimer’s illness. However scientists — who additionally held brief positions in SAVA inventory — claimed Cassava manipulated photographs utilized in testing the drug.
On Thursday, a report broadly circulated suggesting the SEC really helpful closing the investigation. It carried Monday’s date. The issue? Cassava says it hasn’t acquired any replace from the company.
“The corporate is unable to determine the legitimacy of communications circulating on mass media, or elsewhere, purportedly despatched from one such authorities company following a request for public entry to personal information made beneath the Freedom of Data Act,” Cassava mentioned in an SEC submitting.
In response, SAVA inventory toppled 18% to 41.87 on at this time’s inventory market. That reversed from a soar of practically 36% on Thursday. Cassava did not reply to a request for remark.
The info manipulation claims have weighed on SAVA inventory since final yr. The scientists on the middle of the allegations additionally requested the Meals and Drug Administration to droop Cassava’s research. However the company declined to take action.
In line with Cassava, simufilam works by stabilizing an irregular protein within the mind.
Thursday’s information despatched SAVA inventory to its highest level since February. Shares continued a latest surge effectively above their key transferring averages, based on MarketSmith.com. Regardless of the dive Friday, shares stayed above its 50-day and 200-day strains.
SAVA inventory additionally has a robust Relative Energy Score of 97, an indicator of 12-month efficiency. The most effective-performing shares have RS Scores of no less than 80, based on IBD Digital.
Comply with Allison Gatlin on Twitter at @IBD_AGatlin.
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