Why Shares of Cassava Sciences Fell 18.6% in July
Shares of Cassava Sciences (NASDAQ: SAVA) lost 18.6% of their value in July, according to S&P Global Market Intelligence data, but that's a bit misleading. The stock started the month out at $86.60 on July 1 and for the most part, steadily rose throughout the month -- until, that is, July 29.
On that day, the stock opened at $145 per share, not far off its 52-week high of $146.16. Then, the bottom fell out after the company released the latest trial results on its Alzheimer's drug, simufilam. The stock closed at $103.35, a tumble of 40.2% in one day. By the close of day on July 30, it was down to $69.53, a tumble of another 32.7%.
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Source Fool.com
