Why Cassava Sciences Shot Up 97% Today

Cassava Sciences Inc SAVA shares rallied over 97% today in the regular and after-hours sessions.

What Happened: The upwards movement was an extension from a day ago when shares rose 150% after the company announced the results of an interim analysis of its lead drug candidate for Alzheimer's disease — simufilam.

The clinical-stage biotechnology company said that both cognition and behavior scores improved, without any safety issues after patients were administered six months of treatment with simufilam. 

Why It Matters: The company is also developing PTI-125 — an experimental biomarker diagnostic — that can detect Alzheimer's disease with a blood test.

Price Action: Cassava Sciences shares closed 58.64% higher at $87.95 on Wednesday and rose nearly 38.7% in the after-hours session to $122.