Cassava Sciences faces U.S. criminal probe tied to Alzheimer's drug
As per Reuters, The U.S. Justice Department has opened a criminal investigation into Cassava Sciences Inc involving whether the biotech company manipulated research results for its experimental Alzheimer's drug, two people familiar with the inquiry said. This has been discussed for over a year, with multiple sources questioning SAVA's research.
SAVA hitting new 52-week low based on news
Earlier this year SAVA reached a 52-week high of $146.16 per share. We are now seeing it break past the previous 52-week low of $15.72 per share. Based on SAVA's most recent volume to their average monthly volume over the past 2 trading days is sitting around 614.83k, which is lower than their average monthly trading volume of 1.78M. I expect to see a spike in volume as there will be a major sell-off from the news.
SAVA is starting to trend on Twitter, with strong negative sentiment
Here are the latest analytics from the SAVA Twitter community (over the last 24 hours): 148 Posts (up 12.98% day over day) 1,477 Likes (down -70.52% day over day) 975.95k Impressions (up 111.91% day over day). Investors are discussing the latest news and overall sentiment is negative, though some people are holding on to hope that SAVA might rebound.
Wall Street analysts still bullish on SAVA
The current spread of SAVA stock ratings by wall street analysts is 15 Buys, 4 Holds, and 0 Sells. This is surprising, given the allegations that have been swirling around SAVA the last few months. I think we will see several rating changes in the coming weeks, and new price targets set for SAVA.
Issues with SAAVA stock were identified over a year ago
One person did a deep dive investigation into SAVA a year ago, here is the opening paragraph "I've done some research on SAVA due to recent events, after being long in the past. I'll preface by saying I'm seriously disturbed by where the evidence is pointing, and the complete denial of any plausibility of these allegations by many SAVA investors. This entire company and the science behind it may be a fraud". The full analysis can be found here and is worth the read.
Jul 07 2022 (Thu)