Cassava Sciences Inc. (SAVA) stock surged 8.5% in the pre-market trading session on Tuesday, rebounding from a massive 84% plunge on Friday. The biotech firm's shares had plummeted 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, 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.
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