Meme Stock Cassava Loses $2.6 Billion After Data Challenges
- Four analysts still say buy Cassava after results questioned
- Cassava’s stock has lost more than 50% in a four-day plunge
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Cassava Sciences Inc. extended its slump on Monday after one analyst suspended his rating saying the company’s main product, an experimental Alzheimer’s disease drug, posed a “diligence challenge.”
Before pulling the plug on his assessment, Cantor Fitzgerald’s Charles Duncan was the only analyst to have a neutral rating on the stock. Four more analysts still recommend buying the stock even after a retail-trader fueled rally drove shares up more than seven-fold this year.