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Why Cassava Sciences Stock Moved Higher Monday

·2 min read
Why Cassava Sciences Stock Moved Higher Monday
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Cassava stock actually went as high as $106.39 Monday before coming back to earth a bit at $99.32 at the close, but it was still 4.1% higher than it had been on Friday. The best explanation for Friday's drop was that the FDA's (Food and Drug Administration) acting head said the agency is asking the Office of the Inspector General to conduct a review regarding the FDA's decision to approve Aduhelm, an Alzheimer's treatment from Biogen, to see if any interactions between FDA staff and Biogen broke agency rules. While this doesn't have anything directly to do with Cassava, the company has its own Alzheimer's drug, Simufilam, in a phase 2 trial, and investors may have been concerned the agency would adopt stricter measures regarding other Alzheimer's treatment approvals moving forward.