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Re: priceBIOTECH AND PHARMA STREET NOTES Analyst Raises Price Targets on 3 Smaller Alzheimer’s Stocks By Josh Nathan-Kazis July 7, 2021 9:47 am ET Dreamstime The U.S. Food and Drug Administration’s approval early last month of Biogen’s Alzheimer’s disease therapy Aduhelm stunned investors—and left them hurrying to rethink their other bets across biotech. In a note out early Wednesday, Maxim Group analyst Jason McCarthy increased his target prices on three Alzheimer’s disease stocks, arguing that the approval of Aduhelm is “driving a re-calibration of Alzheimer’s players.” McCarthy increased his target price on Annovis Bio (ticker: ANVS), which closed Tuesday at $102.98, to $150. His previous target on the stock was $45. He increased his target on INmune Bio (INMB), which closed Tuesday at $17.85, to $42, up from his previous target of $32. And he increased his target on Cassava Sciences (SAVA), which closed Tuesday at $92.80, to $190, from his previous target price of $80. All three of the companies are developing Alzheimer’s treatments, and all have climbed sharply in recent weeks. Annovis shares are up 128% since the beginning of June, while INmune shares are up 32%, and Cassava shares are up 72%. The iShares Biotechnology exchange-traded fund (IBB), which tracks the biotech industry, is up just 7.2% over the same period. |
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