Among a group of biopharma companies with Alzheimer’s disease candidates in their pipeline, Cassava Sciences (NASDAQ:SAVA) has become the worst performer over the past 30-day period losing more than half of its market cap.
In late August, the small-cap pharma company recorded the second-worst intra-day performance for the past year when a widely circulated public petition urged the FDA to pause simufilam clinical trial citing questionable research.
Simufilam is undergoing an open-label study, and Cassava Sciences (SAVA) expects to initiate a Phase 3 clinical trial for the treatment in Q4 2021.
However, the recent underperformance of the stock has not discouraged Wall Street from maintaining bullish views over the prospects of the company. This week, B. Riley kept its buy recommendation on the stock while cutting the price target given the company’s simufilam-reliant pipeline.