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.
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Read More on SAVA:
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- 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.
