Cassava Sciences (NASDAQ:SAVA) stock is falling on Tuesday as investors react to a recent fireside chat from CEO Remi Barbier.
Cassava Sciences has been hit or miss with investors as turmoil surrounds its clinical trial results. The company has struggled as some people call into question the accuracy of its studies surrounding its Alzheimer’s drug, simufilam.
That recent fireside chat saw Barbier providing investors with an update to its two Phase 3 clinical trials of simufilam. The company appears to be having trouble getting patients for the trial. Of the 1,750 patients it’s targeting, only 60 have been dosed with 170 being screened.
Barbier addressed this in a statement obtained by Seeking Alpha.
“I think it’s too soon to project enrollment rates for the Phase 3 studies. I would expect to see a steady enrollment rate we have all 175 clinical trial sites activated.”
That statement isn’t sitting well with investors today. As a result, we’re seeing SAVA stock taking a beating alongside heavy trading of the shares. That includes more than 3 million shares of the stock changing hands as of this writing. This is well above the company’s daily average trading volume of about 1.5 million shares.
To go along with that, SAVA stock is down roughly 14% as of Tuesday afternoon. That comes as the stock has fallen 30.9% since the start of the year. It’s also sitting 42% lower over the last six months.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.