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Shares of Texas-based pharmaceuticals firm Cassava Sciences fell over 29% on Wednesday after its CEO and Chairman Remi Barbier resigned. Retail sentiment on Stocktwits remained in bullish territory (59/100) after briefly dipping into the neutral zone, supported by high message volumes on Wednesday.<figure class="image"><img style="aspect-ratio:781/217;" src="https://st-everywhere-cms-prod.s3.us-east-1.amazonaws.com/Screenshot_2024_07_17_at_11_19_51_AM_dbdf10deb8.png" alt="Retail sentiment remains in bullish territory" width="781" height="217"><figcaption>Retail sentiment on Cassava Sciences remains in bullish territory</figcaption></figure>Meanwhile, Lindsay Burns, SVP of Neuroscience at Cassava, is also leaving the company. With immediate effect, the board of directors has appointed Richard Barry as Executive Chairman and the company’s principal executive officer. Meanwhile, the firm is searching for a new permanent CEO. Cassava Sciences pointed out that the board plans to separate the Chairman and CEO roles by identifying a new CEO.The departure of the key executive comes at a time when the firm has been in the news due to a federal probe. In June, a federal grand jury returned an indictment, charging the firm’s former scientific advisor Hoau-Yan Wang for allegedly defrauding the US National Institutes of Health (NIH). Hoau-Yan Wang was a tenured medical professor at a public university’s medical school as well as a former paid science advisor to Cassava Sciences, it said.Cassava Sciences had pointed out, citing court documents, that Wang engaged in illegal behavior to defraud the government through grant applications made to the NIH, resulting in the award of approximately $16 million in grants from 2017 to 2021 on behalf of himself and the company.Still, the firm has said its primary goal right now is to determine whether Simufilam is an effective, revolutionary treatment for Alzheimer’s disease. However, the distractions and uncertainty have caused the stock to have a tough year so far, losing nearly 60% YTD.The CEO's departure hasn’t gone down well with retail investors, and Stocktwits users are expressing concerns about it. One user named ‘Skies88’ believes the stock could see more downside in the coming months.<figure class="image"><a href="https://stocktwits.com/Skies88/message/579782866"><img style="aspect-ratio:775/140;" src="https://st-everywhere-cms-prod.s3.us-east-1.amazonaws.com/Screenshot_2024_07_17_at_11_21_19_AM_a6e36c83e5.png" alt="Stocktwits user Skies88's post on Cassava Sciences" width="775" height="140"></a><figcaption>Stocktwits user Skies88 expresses bearishness on Cassava Sciences stock</figcaption></figure>&nbsp;

Retail Continues To Remain Bullish On Cassava Sciences Despite Stock Plunging 29% Over CEO Departure 

Cassava Sciences said it is searching for a new CEO and intends to separate this role from the Chairman’s position going forward. Although the stock fell 29% following the news, retail sentiment trended in the bullish territory.

Cassava Sciences fell over 29% on Wednesday

Equity

BlackRock Institutional Trust Company N.A. - iShares U.S. Pharmaceuticals ETF

Volume	51,597.00
52-Wk High	$69.56
52-Wk Low	$55.36

IHE BlackRock Institutional Trust Company N.A. - iShares U.S. Pharmaceuticals ETF

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