The laboratory that tested samples for Cassava Sciences‘ (SAVA) Alzheimer’s study distanced itself from the biotech company on Friday, and SAVA stock plunged for a third straight day.
Cassava tapped Quanterix‘s (QTRX) Accelerator laboratory to test blinded samples provided by Cassava for an Alzheimer’s treatment study presented at the Alzheimer’s Association International Conference last month. Earlier this week, a shareholder firm called into question Cassava’s test results, alleging the biotech company manipulated the data.
And Quanterix wants nothing to do with the allegations.
“Quanterix or its employees did not interpret the test results or prepare the data charts presented by Cassava at the Alzheimer’s Association International Conference in July 2021 or otherwise,” the lab said in a written statement on Friday.
In response, SAVA stock plummeted 26.4% near 52.10 in morning trading on today’s stock market. That came on top of double-digit drops on Wednesday and Thursday.
SAVA Stock Continues Its Dive
Cassava is working on an Alzheimer’s drug that aims to stabilize filamin A, a scaffolding protein. At a nine-month interim analysis, Cassava said the treatment called simufilam improved cognition in Alzheimer’s patients.
To put that in perspective, even Biogen‘s (BIIB) Aduhelm only slows cognitive decline. Aduhelm is the only Alzheimer’s treatment that aims to correct an underlying pathology of the disease, rather than just treating the symptoms.
But shareholder firm Labaton Sucharow doubted Cassava’s results in a report Wednesday. The firm questioned the validity of Cassava’s biomarker data, an analysis method called Western Blot and the company’s analyses of human brain tissue. SAVA stock tumbled 31.4% that day.
Lab Distances From Cassava
Quanterix digitizes biomarker analysis for researchers. But the company says it performed sample testing on blinded samples provided by Cassava. It didn’t interpret the results or prepare the data charts that Labaton Sucharow called into question.
On Wednesday, Cassava said it stood behind its science and the company provided a point-by-point opposition to Labaton Sucharow’s allegations. Still, SAVA stock fell again on Thursday, diving another 12.4% in high volume, according to MarketSmith.com.
Meanwhile, Quanterix stock toppled 9.2% on Thursday, but rose 7.6% in early trading Friday.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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