Benzinga | Aug 25, 2021 08:41AM EDT

Why Cassava Sciences' Stock Is Getting Hammered Today

Cassava Sciences, Inc. (NASDAQ:SAVA) shares are trading lower on negative claims that were posted online yesterday after market hours. The company issued a response to the claims today, saying they believe the claims regarding scientific integrity are false and misleading.

"As a science company, we champion facts that can be evaluated and verified," said Remi Barbier, President & CEO. "This helps people make informed choices. It is important for stakeholders to separate fact from fiction, which is why we wish to address allegations head-on."

Cassava Sciences Inc is a clinical-stage biotechnology company engaged in developing a scientific approach for the treatment and detection of Alzheimer's disease.

Cassava Sciences' stock was trading about 30% lower at $82.22 per share Wednesday morning at the time of publication. The stock has a 52-week high of $146.16 and a 52-week low of $2.78.