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.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
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
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue