In a report released today, Soumit Roy from JonesTrading maintained a Buy rating on Cassava Sciences (SAVA – Research Report), with a price target of $75.00.
Soumit Roy’s Buy rating for Cassava Sciences’ stock is primarily based on the observed efficacy and safety of the company’s drug, simufilam, in treating mild Alzheimer’s patients. The positive results drawn from Phase 2 and Phase 3 trials, as presented at CTAD, played a crucial role in shaping this rating. The mild patient population demonstrated enhanced clinical efficacy when treated consistently with simufilam, and the drug did not show any association with Amyloid-related Imaging Abnormalities (ARIA), a significant risk factor in Alzheimer’s treatments.
Furthermore, the Phase 3 interim safety data, gathered from MRI evaluations of Alzheimer’s patients treated with simufilam, further corroborates this conclusion. No instances of ARIA-E (ARIA with edema or effusions) were observed in any patient. Additionally, the Phase 3 program of Cassava Sciences is enrolling mild-to-moderate Alzheimer’s patients, which aligns with the demographic where simufilam showed the most efficacy. Based on these factors, the expectation of positive topline data from the ongoing trials, and the management’s projection to complete the Phase 3 program enrollment by 4Q23, Soumit Roy recommends a Buy rating for Cassava Sciences.
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Based on the recent corporate insider activity of 9 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SAVA in relation to earlier this year.
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Cassava Sciences (SAVA) Company Description:
Cassava Sciences, Inc. engages in the development of novel drugs. It focuses on developing product candidates intended for the treatment of Alzheimer’s disease, including PTI-125 and PTI-125Dx. The company was founded by Remi Barbier and Barry M. Sherman in May 1998 and is headquartered in Austin, TX.
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