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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