Cassava Sciences (SAVA) PT Raised to 'Street High' $80 at Maxim Group

Maxim Group analyst Jason McCarthy raised the price target on Cassava Sciences (NASDAQ: SAVA) to $80.00 (from $14.00) while maintaining a Buy rating after the company announced the first set of cognition and behavior data from the P2b extension study of simufilam in mild-moderate Alzheimer's disease (AD).

The analyst commented, "The space is shifting, and SAVA's simufilam is about as advanced as any asset in this new wave of AD therapeutics. The 6-month cog data was the start. The 9-month and 12-month cog data are next, as are two phase 3s (even one with a 6-month end point, unheard of in AD). We break it down below. We have lowered our discount rate to 20%, from 30%, and use a 70% risk adjustment (unchanged), which serves to increase our price target to $80, from $14."

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