After Cassava Sciences (SAVA) announced that top-line results from its ReFocus-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, H.C. Wainwright believes it “definitive that simufilam fails as a potential AD treatment.” The firm, which expects cash burn to significantly ramp down after discontinuation of the AD program, reiterates a Neutral rating with a $2.00 price target as the firm looks for Cassava to end the year with $93M in cash, or $1.93 per share.
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