H.C. Wainwright Reiterates Cassava Sciences (SAVA) at Neutral following management changes

H.C. Wainwright analyst Vernon Bernardino reiterated a Neutral rating and {REMOVEPT} price target on Cassava Sciences (NASDAQ: SAVA), following the company's recent management and board updates.

The analyst commented: "On July 17, Cassava Sciences announced that its Board of Directors, effective immediately, appointed Rick Barry as Executive Chairman of the Board, and as the company’s principal executive officer. The appointment follows the resignation of Remi Barbier, Cassava’s co-founder, from his positions as Cassava Chairman, President and CEO. Mr. Barbier will remain employed until September 13, 2024 in a non-executive capacity, without duties or responsibilities. The company also announced the resignation of Lindsay Burns, PhD, the company’s Senior Vice President of Neuroscience, from her current role at Cassava, also effective immediately. We are positive on the leadership changes overall, as they show the company focused on the integrity of its key driver of shareholder value, i.e., completion of simufilam’s late-stage clinical development in Alzheimer’s disease (AD) dementia. We make no changes to our models at this time. In the near term, we maintain our rating of Neutral without a price target."

For an analyst ratings summary and ratings history on Cassava Sciences click here. For more ratings news on Cassava Sciences click here.

Shares of Cassava Sciences closed at $10.18 yesterday.

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