SAVA Stock Price Increases Over 17% Intraday: Why It Happened

By Amit Chowdhry ● August 3, 2021
  • The stock price of Cassava Sciences Inc (NASDAQ: SAVA) increased by over 17% during intraday trading. This is why it happened.

The stock price of Cassava Sciences Inc (NASDAQ: SAVA) – a clinical-stage biotechnology company focused on Alzheimer’s disease – increased by over 17% during intraday trading. Investors are responding positively to the company’s financial results for the second quarter ended June 30.

These are the highlights:

— Net loss for the second quarter ended June 30, 2021 was $5.1 million, or $0.13 per share, compared to a net loss of $1.1 million, or $0.05 per share, for the same period in 2020. 

— Net cash used in operations was $7.4 million during the first six months of 2021. 

— Net cash use for operations for full-year 2021 is expected to be approximately $20 to $25 million, consistent with previous financial guidance. 

— Cash and cash equivalents were $278.3 million as of June 30, 2021, with no debt.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.