ESALY - Cassava Sciences rallies most since November

Clinical-stage pharma company Cassava Sciences (NASDAQ:SAVA) has added more than 15% to reach a two-month high on Tuesday against a recent selloff among biotech stocks and Alzheimer’s drug developers in particular. More than 5.0M Cassava (SAVA) shares have changed hands compared to the 65-day average volume of ~1.5M shares. The upsurge is noteworthy at a time when the SPDR S&P Biotech ETF (XBI) is trading lower even after more than ~39% selloff YTD.   Many Alzheimer’s drug developers have sold off this year amid regulatory setbacks. In April, the Centers for Medicare & Medicaid Services announced its final decision to limit coverage for Biogen’s (BIIB) newly approved Alzheimer’s therapy Aduhelm. Last June, Biogen’s (BIIB) and its Japanese partner Eisai (OTCPK:ESALY) (OTCPK:ESALF) secured FDA nod for Aduhelm making it the first U.S-approved drug for the memory robbing disease since 2003.

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Cassava Sciences rallies most since November