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B. Riley analyst Mayank Mamtani downgraded the biotechnology firm Cassava Sciences (SAVA) over restricted related information disclosures.
Mamtani lowered the corporate to Impartial from Purchase, with the worth goal maintained at $44.
The inventory was buying and selling ~9% down after the scores motion.
The corporate mentioned it enrolled over 650 sufferers in Part 3 program and new medical information for Alzheimer’s illness candidate Simufilam was anticipated, as a part of its Q3 outcomes.
In October, Cassava Sciences mentioned it has begun an open-label extension research of Simufilam that can final a yr.
In September, SAVA was buying and selling over five-month excessive on rising volumes. The rally coincided with two latest insider purchases, together with these from Administrators Sanford Robertson and Richard Barry.
The analyst believes latest non-material pipeline and company developments, together with as a part of the Q3 outcomes, “don’t essentially clarify” why shares have rallied.
Mamtani is inspired by the tempo of enrollment in Part 3 Alzheimer’s trials, however his thesis is adversely impacted by restricted obtainable information from the continuing Part 2 open-label research.
SAVA shares have misplaced ~40% of their worth within the final one yr, however gained ~78% of worth within the final six months. Here’s a have a look at the share value actions:
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