Cassava Sciences Inc (NASDAQ:SAVA) stock has experienced a strong bullish run over the past month, gaining 51%. Investors are awaiting Cassava’s clinical-trial data to be presented at the Alzheimer’s Association International Conference (AAIC) on July 29. The data is from Cassava’s leading candidate Sumifilam.
The drug aims to treat Alzheimer’s by reducing neuro-degeneration and neuroinflammation. The FDA’s approval of Aduhelm from Bio-pharmaceutical company Biogen to treat Alzheimers is spurring on momentum in Cassava Sciences stock (NASDAQ:SAVA).
In fact, analysts at HC Wainwright see the rally continuing with a new street high price target. Here’s everything investors need to know about Cassava (NASDAQ:SAVA) stock.
HC Wainwright sets $124 price target on SAVA stock
Cassava’s strong bull run has caught the attention of Wallstreet with HC Wainwright analyst Vernon Bernardino boosting the firms 12 month price target to $124. The new valuation is the streets highest, behind B. Riley’s $111 target. The analyst noted that the upcoming clinical data presentation to the AAIC may be a positive catalyst for the stock.
Similarly, B.Riley analyst Mayank Mamtani noted to investors last month, that there is “substantial room” for further upside in Cassava Sciences stock. Furthermore, the analyst added that the upside is derived from the company “realizing substantial market opportunity” according to theFly.
Analysts weigh in on Cassava’s (NASDAQ:SAVA) revenue outlook
Firstly, the large scale market opportunity Cassava aim to capitalise on will reap reward if Sumifilam is approved. The average revenue forecast across the board of 5 Wallstreet analysts forecasts Cassava to generate $30 Million in 2021.
Higher end forecasts see Cassava turning over upwards of $150 Million in 2021. The forecasts are based on the success of Sumifilam. Hence, a driving factor of the stocks high level volatility.
The bottom line
Overall, the build up to the 29th of July is likely to drive the share price even higher based on analyst Vernon Bernardino’s valuation. The revenue outlook is a promising sign for investors, especially as the company is not generating any revenue to date. We will continue to update our viewers as we move closer to the AAIC meeting.
The information above is not financial advice. Youth Investment Group has no liability for personal financial interests or investment decisions. You should make your own investment decisions based upon your own research and what you believe is best for you.
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