Cassava Sciences' Shares Down 46% After Adviser Is Indicted
Provided by
Dow Jones
By Josh Beckerman
Shares of Alzheimer's drug developer Cassava Sciences tumbled following the indictment of a medical professor who advised the company.
The stock fell 46% to $10.17. Cassava's shares fell at one point to $8.79 on Friday, the lowest they have been since October 2020. The shares are down 54% this year
The Justice Department said on Friday that City University of New York School of Medicine Professor Hoau-Yan Wang was indicted on charges related to obtaining federal research grants. It said he "allegedly engaged in a scheme to fabricate and alsify scientific data in grant applications."
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
June 28, 2024 16:15 ET (20:15 GMT)
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