Savara price target lowered to $7 from $10 at Evercore ISI

Evercore ISI lowered the firm’s price target on Savara to $7 from $10 and keeps an Outperform rating on the shares after having hosted management for a dinner ahead of “long awaited” Phase 3 data for molgramostim in aPAP that is “coming soon,” or before the end of Q2. Management body language was “confident on both fronts” when discussing the key topics of risks in upcoming dataset and the commercial opportunity, the analyst tells investors. The firm sees upside to $9 on solid Phase 3 data supportive of approval, the analyst added.