Savara price target raised to $15 from $11 at Oppenheimer

Oppenheimer raised the firm’s price target on Savara to $15 from $11 and keeps an Outperform rating on the shares. Savara announced positive results from the Phase 3 IMPALA-2 trial of molgramostim for autoimmune pulmonary alveolar proteinosis, the analyst tells investors in a research note. Oppenheimer was pleased to see the statistically significant diffusing capacity of the lungs for carbon monoxide at Week-24, and statistically significant differences across multiple secondaries, and given the high unmet need in aPAP, the robust Phase 3 IMPALA-2 results and supportive nature of the Phase 3 IMPALA, and molgramostim’s potential IP protection, the firm believes molgramostim is primed for commercial success.