Cassava Sciences' Alzheimer's drug simufilam failed its Phase 3 trial and the stock plummeted ~90%. See why I changed my rating on SAVA to Sell from Strong Sell.

Cassava Sciences' troubled development of Alzheimer's disease candidate simufilam looks like it may have finally reached the end. The Austin, Texas-based biotech revealed that simufilam failed its first phase 3 test in mild-to-moderate Alzheimer's and a second study has now been halted, leading to an 84% drop in its share price.

Inc. (NASDAQ: SAVA) witnessed a dramatic over 85% plunge in its stock price following the release of disappointing results from a critical Phase 3 Alzheimer’s drug trial and

The Cassava Sciences story ended Monday exactly as many knew it would — with the company’s experimental drug for Alzheimer’s disease, simufilam, failing a clinical trial.

Cassava Sciences Inc. (NASDAQ:SAVA) stock plunged Monday after the company released topline data from the Phase 3 ReThink-ALZ study of simufilam in mild-to-moderate Alzheimer’s disease. The trial did not meet the pre-specified co-primary,

Cassava Sciences shares are plunging in premarket trading and are losing most of their value after the biotech firm said its experimental Simufilam drug aimed at treating Alzheimer’s disease failed to show a “significant reduction in cognitive or functional decline” during the Phase 3 trial of the treatment.

Cassava Sciences stock collapsed after an Alzheimer’s drug the company was testing failed to significantly help participants in a clinical trial. The stock plummeted 84% to $4.15 Monday after reporting that a Phase 3 trial meant to demonstrate the efficacy of a medication called Simufilam fell short of key milestones.

Cassava Sciences’ phase 3 Alzheimer’s disease trial has missed its co-primary endpoints. With the study also missing secondary and exploratory biomarker endpoints, the biotech has pulled the plug on another phase 3 trial and an open-label extension.