H.C. Wainwright positive on Cassava data, says buy the selloff

H.C. Wainwright analyst Vernon Bernardino recommends adding or starting new positions in Cassava Sciences on today’s selloff. The analyst is positive on today’s one-year results from an open-label Phase 2 with simufilam, the company’s oral drug candidate for Alzheimer’s disease. Mild and moderate subgroups of patients showed notable differences in changes in cognitive function measure mean score, the firm tells investors in a research note. In particular, the one-year results showed that 47% of patients treated with simufilam improved on cognitive function measure and an additional 23% of patients declined less than five points, says the analyst. The firm believes simufilam shows potential to change the trajectory of Alzheimer’s disease and reiterates a Buy rating on Cassava with a $124 price target. The stock in late morning trading is down 22% to $28.53.