01:46 PM EDT, 07/17/2024 (MT Newswires) -- Five Below ( FIVE ) said late Tuesday CEO Joel Anderson has stepped down from his roles of president and CEO. The company also lowered its fiscal Q2 guidance.

Several analysts, including from Morgan Stanley and Citigroup, downgraded the stock following the report.

Shares sank 22%, with intraday trading volume catapulting to over 10.3 million from a daily average of about 1.35 million.

Cassava Sciences ( SAVA ) said Wednesday its board appointed Richard Barry as executive chairman and principal executive officer, effective immediately, as the company launched a search for a new chief executive officer.

Barry, a director at the company since June 2021, succeeds Remi Barbier, who resigned as CEO, chairman, and president but will continue in a non-executive capacity until Sept. 13.

Shares slid 29% as intraday trading volume jumped to more than 13.7 million from a daily average of roughly 1.49 million.

ASLAN Pharmaceuticals ( ASLN ) said its board decided that the company could no longer continue its business due to its liabilities and resolved to apply for liquidation under Cayman law procedures.

Shares sank 37% amid a surge in intraday trading volume to over 2.31 million from a daily average of about 82,000.

Price: 79.07, Change: -23.00, Percent Change: -22.53