Evercore ISI analyst Liisa Bayko downgraded Savara (SVRA) to In Line from Outperform with a price target of $5, down from $7, after the company narrowed timelines for completion of the rolling BLA submission for Molbreevi in aPAP to the end of Q1 of 2025 from the first half. Assuming all goes well, this puts Savara on track for approval by the year-end 2025 assuming priority review and, if approved, the firm believes that Phase 3 IMPALA-2 data should support “a $500M+ product.” After having updated its model, adding expenses in preparation for launch, the firm’s target is now lower and its rating is In Line.
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