Savara downgraded on Friday at Jefferies with stock up 30% year-to-date

As previously reported on Friday, Jefferies analyst Suji Jeong downgraded Savara to Hold from Buy with an unchanged price target of $2. With the Phase 3 trial for its sole asset in rare lung disease on track to read out data by end-Q2 of 2024 and the stock up 30% year-to-date, the firm view positives such as commercial opportunities and a "reasonable" chance of Phase 3 success as now fairly balanced with the risks that include clinical risks of failure of the trial and the fact that leukine could potentially be a major threat to the commercial success of molgramostim.