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Stock Alert: Cassava Sciences Up 13%

Cassava Sciences, Inc. (SAVA) shares are gaining more than 15 percent on Friday morning. Thursday, Cantor Fitzgerald initiated coverage of Cassava at 'Overweight' with a price target of $24.

The stock had closed at $8.83 yesterday. The shares are currently at $9.97, up 13.08 percent from its previous close. The shares have traded in a range of $1.21 to $12.68 on average volume of 6,949,456.

Earlier in September, the biotech company had announced a statistically significant improvement in Alzheimer's patients with Sumifilam 50 mg or 100 mg twice daily for 28 days. The Phase II trial showed improvements in biomarkers of the degenerative disease compared to the placebo group.

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