Savara price target raised to $16 from $7 at Piper Sandler

Piper Sandler raised the firm’s price target on Savara (SVRA) to $16 from $7 and keeps an Overweight rating on the shares. Savara is up more than 100% in the last 12 months, and the firm believes the stock can continue to head higher into the de-risked IMPALA-2 readout end of Q2. This would be similar to CymaBay (CBAY), which traded up about 80%+ from enrollment completion in pivotal Phase 3 RESPONSE, to topline data in August for which the Street carried a high probability of success, Piper says. Furthermore, the stock traded up from the data into the NDA submission and thereafter. The firm thinks Savara has not reached its plateau and can continue the momentum into the data.