JonesResearch analyst Soumit Roy downgraded Cassava Sciences to Hold from Buy without a price target. Following the federal grand jury indictment of the former consultant of Cassava Sciences, Dr. Hoau-Yan Wang, last Friday, and today’s update from the company mentioning the Department of Justice and SEC investigations and two senior employees, the firm sees “multiple sources of uncertainties to be able to meaningfully value the stock.” The stock in morning trading is down 10%, or $1.25, to $11.10 in morning trading.
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Read More on SAVA:
- Cassava Sciences Issues Statement on Former Science Advisor
- Cassava Sciences says Dr. Wang had no involvement in Phase 3 simufilam trials
- Cassava continues selloff, shares now down 50% to $9.56
- Cassava sinks after grand jury indicts co-lead scientist on Alzheimer’s drug
- Cassava sinks 36% to $12.16 after DOJ charges co-developer of drug