Shares of Annovis Bio (NYSEMKT: ANVS) are getting hammered in response to disappointing data for the company's Alzheimer's disease candidate. The biotech stock was down 59.4% at 2:45 p.m. EDT.
Annovis Bio's losses have spread to other clinical-stage biotech companies with Alzheimer's disease programs of their own. Shares of Anavex Life Sciences (NASDAQ: AVXL) and Cassava Sciences (NASDAQ: SAVA) were down 14.3% and 20.3%, respectively.
Leading up to yesterday's presentation at the Alzheimer's Association International Conference (AAIC), Annovis Bio tried to convince investors its new drug candidate for Alzheimer's disease and Parkinson's disease could be more effective at improving cognition than Aduhelm from Biogen . Annovis Bio stock imploded today because data from 14 Alzheimer's disease patients wasn't nearly sufficient to make such a claim.
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Here's Why Annovis Bio, Anavex Life Sciences, and Cassava Sciences Sank on Thursday