Cassava Sciences price target lowered to $28 from $44 at B. Riley

B. Riley analyst Mayank Mamtani lowered the firm’s price target on Cassava Sciences to $28 from $44 and keeps a Neutral rating on the shares after the company released updated 12-month open-label results of simufilam in mild to moderate Alzheimer’s disease patients. The analyst is encouraged by the company’s release of the safety dataset, including maintaining a low rate of treatment-related discontinuation, but efficacy, the firm continues to see a trend towards declining simufilam’s clinical benefit. B. Riley dropped the price target to reflect a of lower probability of success for the drug.