Cassava Sciences Inc (SAVA) stock surged 5.24% in the intraday trading session on Monday, rebounding after a massive 84% plunge the previous day. The biotech firm's shares had plummeted on Friday after disappointing results from a late-stage trial of its experimental Alzheimer's disease drug Simufilam.

The Phase 3 trial failed to meet its co-primary endpoints of cognitive and functional improvement in patients with mild-to-moderate Alzheimer's disease. Simufilam did not show a significant reduction in cognitive or functional decline compared to a placebo during the 52-week study.

Despite the rebound on Monday, Cassava Sciences' stock remains well below its pre-trial levels as investors digest the implications of the failed drug trial. The company's future prospects now hinge on its ability to develop alternative treatments or pivot its research focus.