RTTNews | Nov 17, 2021 11:01AM EST

11:01 Wednesday, November 17, 2021 (RTTNews.com) - Shares of Cassava Sciences, Inc. (SAVA) tanked over 23% on Wednesday morning on report that the Securities and Exchange Commission has commenced an investigation of the pharmaceutical company.

SAVA is currently trading at $47.27, down $14.42 or 23.37%, on the Nasdaq.

The Wall Street Journal reported that SEC is examining claims that the company manipulated research results of its experimental Alzheimer's disease treatment.

The National Institutes of Health, which provided grants to the company and its academic collaborators, is also looking into the claims.

In September, Cassava Sciences shares surged after the company reported positive results for its open-label study with Simufilam in Alzheimer's disease.

The company said the cognition scores improved 3.2 points on ADAS-Cog, baseline to month 12. The pivotal double-blind, placebo-controlled phase 3 clinical program is expected to be on track for the fourth quarter 2021.

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