Shares of Cassava Sciences Inc. SAVA, +158.67% more than doubled toward a near 10-year high in very active trading Tuesday, after the company focused on neurodegenerative disease treatments announced upbeat results from a study of its treatment for Alzheimer’s disease. The stock shot up 173.6%, enough to pace all gainers trading on major U.S. exchanges, and to put it on track for the highest close since June 2011. Trading volume spiked up to 38.7 million shares, compared with the full-day average of about 3.0 million shares. The company said clinical study funded by the National Institutes of Health, six months of treatment with simufilam improved cognition scores, by a mean improvement of 10% from baseline, with no safety issues. The same patients also saw a mean improvement in dementia-related behavior by 29% from baseline, the company said. Cassava said it believes the data support advancing simufilam into a Phase 3 clinical program. “We would have been satisfied to show simufilam stabilizes cognition in patients over 6 months,” said Chief Executive Remi Barbier. “An improvement in cognition and behavior tells us this drug candidate has potential to provide lasting treatment effects for people living with Alzheimer’s disease.” The stock has run up seven-fold (up 604.5%) over the past three months, while the S&P 500 SPX, +1.80% has gained 15.9%.
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