Stock Alert: Cassava Sciences Shares Surge 85%

(RTTNews) - Shares of Cassava Sciences Inc. (SAVA) are soaring over 85% today, after the company announced final results of a Phase 2b study with its lead drug candidate, sumifilam, in Alzheimer's disease.

The stock has been trading in the range of $1.05 - $10.95 for the past one year, and is currently trading at $6.17, up $2.85 or 85.84% in Monday's regular trading session. Trading volume is surging over 38.9 million versus an average volume of 1.73 million shares.

The company noted that in a clinical study funded by the National Institutes of Health or NIH, sumifilam significantly improved an entire panel of validated biomarkers of disease in patients with Alzheimer's disease. The ability to improve multiple biomarkers from distinct biological pathways with one drug has never been shown before in patients with Alzheimer's disease.

Study results are expected to be published in a peer-reviewed publication. Sumifilam is the first of a new class of drug compounds that bind to a protein called Filamin A, the company said.