Shares of Cassava Sciences (NASDAQ: SAVA) were skyrocketing 29.6% higher as of 10:53 a.m. ET on Monday. The big gain came after executive chairman Rick Barry released an open letter to shareholders, employees, principal investigators, and patients.

Barry was appointed as Cassava's executive chairman on July 17, 2024. He has served on the biopharmaceutical company's board of directors since June 2021. Barry is leading Cassava as it searches for a new CEO following former CEO Remi Barbier's resignation last week.

Perhaps more than anything, investors liked Barry's optimistic yet candid tone in his open letter. He acknowledged skepticism about the company but emphasized Cassava's positive phase 2 results for its experimental Alzheimer's disease drug simufilam.

Continue reading

Source Fool.com