Ratana21/iStock via Getty Images Shares of Alzheimer’s drug developer Cassava Sciences ( NASDAQ: SAVA ) rallied on above-average volumes on Tuesday, ending a multi-session decline that followed fraud allegations against Hoau-Yan Wang, a paid advisor to the company, in late June. Federal charges against Wang, a professor at the CUNY School of Medicine who also co-developed Cassava’s ( SAVA ) Alzheimer’s candidate simufilam, wiped off more than a third of Cassava’s ( SAVA ) value on June 28. The stock has been in a freefall since then, losing more than 20% in July alone.
However, SAVA managed to make a comeback on Tuesday, reaching its highest level since June and recording the best intraday gain since October on above-average volumes. About 4.7M Cassava ( SAVA ) shares have changed hands so far, compared to the 65-day average of ~1.
4M. According to data from S3 Partners, SAVA’s short interest stands at 29% of float. With only sell or hold ratings, Cassava ( SAVA ) has no buy ratings among Wall Street analysts or Seeking Alpha analysts.
SA’s Quant System, which consistently beats the market, has also rated SAVA as a Hold. More on Cassava Sciences Cassava Sciences: A 'Moon Shot' Becomes A Bigger 'Long Shot' Cassava Sciences: Latest Blow To Simufilam Thesis As Key Former Advisor Indicted All Eyes On Simufilam: Cassava Sciences' Make-Or-Break Moment Cassava Sciences seesaws as SEC provides update on simufilam probe Cassava Sciences plunges 40% after simufilam researche.