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Savara price target lowered to $7 from $8 at Wells Fargo

Wells Fargo lowered the firm’s price target on Savara (SVRA) to $7 from $8 and keeps an Overweight rating on the shares after the company said it received an RTF letter for Molbreevi’s BLA submission, and that the FDA requested additional data related to CMC. The firm notes RTF was not related to safety concerns or the need for additional efficacy data, and management is confident in a path to approval, especially with optionality from two CDMOs. While unexpected, Wells thinks the fundamental impact of the delay is limited.

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