Cassava Sciences Stock Is Diving: What's Going On?

Cassava Sciences Inc SAVA shares are trading significantly lower Tuesday after the company announced top-line clinical results from a Phase 2 study evaluating simufilam in Alzheimer's disease.

What Happened: Cassava presented Phase 2 results from an open-label safety study with exploratory efficacy endpoints for simufilam, its oral drug candidate for Alzheimer's disease dementia.

The study enrolled over 200 patients with mild-to-moderate Alzheimer's disease. Study participants were administered open-label simufilam tablets twice daily for one year. Endpoints were measured at study entry and again after 12 months.

Here's a look at the results (lower is better, except for MMSE).

• ADAS-Cog11 scores changed from 19.1 (±9.2) to 19.6 (±13.3)
• MMSE scores changed from 21.5 (±3.6) to 20.2 (±6.4)
• NPI10 scores changed from 3.2 (±4.6) to 2.9 (±4.6)
• GDS scores changed from 1.8 (±1.8) to 1.4 (±1.9)

The company noted that scores that changed minimally or improved over a one-year period represent "highly desirable" outcomes because of the severity of Alzheimer's and the toll it takes on the brain over time. 

"Simufilam is an innovative drug candidate that we are developing methodically, one study at a time, and this open-label safety study served its purpose. Next up in 2023 are top-line clinical results of our Cognition Maintenance Study, which is a randomized, controlled trial," said Remi Barbier, president and CEO of Cassava.

See Also: Why Kura Oncology Stock Is Moving Higher Tuesday Morning

SAVA Price Action: Cassava has a 52-week high of $62.49 and a 52-week low of $13.84.

The stock was down 15.9% at $30.65 at time of publication, according to Benzinga Pro.

Photo: hainguyenrp from Pixabay.