Maxim raises target to $190 this week in new updating report
“Cassava reported 3Q21 results yesterday morning (11/10) with a net loss of ($9.6M) and ended the period with $241.5M in cash on the balance sheet. Based on 3Q results and our expectations, we raise our total expenses estimate to $28.2M, from $19.0M in 2021, and to $38.6M, from $30.0M in 2022.
SAVA shares have been volatile in 2021, to say the least, as one of the most talked about names in biotech stemming from its Alzheimer's disease (AD) drug candidate Simufilam. Understanding the activity around the events leading to this 'roller coaster' ride of a biotech story in 2021 is important as it took a more positive turn once again, in our view, with two events: 1) starting the P3 study, and 2) the Journal of Neuroscience's review of the data in question presented in the Citizen Petition (CP) filed with FDA in August.
The CP injected additional risk into the Cassava story, though we are not here to debate the merits of the CP or the source(s) from which it came. Our fundamental thesis and positive view around Simufilam and the potential in AD are based on peer-reviewed scientific literature, clinical and pre-clinical data, regulatory review, and regulatory filings. These views remain unchanged, and we look forward to updates in the P3 trial and the full data set from the P2b extension study.”
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