H.C. Wainwright analyst Vernon Bernardino downgraded Cassava Sciences (SAVA) to Neutral from Buy without a price target after the company announced results from its ReThink-ALZ Phase 3 trial with simufilam in patients with mild-to-moderate Alzheimer’s disease did not meet each of the study’s pre-specified co-primary, secondary, and exploratory biomarker endpoints. Until it gains insight into simufilam’s prospects for further clinical advancement, the firm believes the stock could be range-bound between $4 and $5 per share.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on SAVA:
- D. Boral says Anavex Alzheimer’s approach superior to Cassava
- Cassava Sciences sinks 84% to $4.21 after Alzheimer’s study miss
- Largest borrow rate increases among liquid names
- Cassava announces Phase 3 ReThink-ALZ data did not meet co-primary endpoints
- Cassava Sciences put volume heavy and directionally bearish
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.