Why Cassava Sciences Stock Is Retreating Today
Shares of the clinical-stage biopharma Cassava Sciences (NASDAQ: SAVA) dropped by a whopping 18.5% in after-hours trading Thursday. The drugmaker's stock hit the skids yesterday following the announcement of an underwritten public offering.
While the details of the offering have yet to be released, Cassava said that the funds would be used to fund a late-stage trial of its Alzheimer's disease drug candidate sumifilam, along with general corporate purposes. A preliminary prospectus supplement laying out the all-important details should be available soon.
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Source Fool.com
