Why Cassava Sciences and Ocugen Stock Fell With the Nasdaq
The stock market got choppy on Wednesday morning, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) wasn't able to sustain its recent push higher to all-time records. As of 11:15 a.m. EST, the Nasdaq was down about 0.5%, having given up an early gain.
Big-name companies have helped power the Nasdaq higher, yet investors have also benefited from some smaller companies that have a lot more long-term growth potential. On Wednesday, two of the most popular stocks on the Nasdaq recently -- Cassava Sciences (NASDAQ: SAVA) and Ocugen (NASDAQ: OCGN) -- posted sharp losses that showed that biotech stocks could remain volatile for quite some time despite their favorable prospects.
Shares of Cassava Sciences were down 15% Wednesday morning. Investors weren't happy about the terms that the biotech company settled for in raising capital.
Source Fool.com
