Savara Inc. (NASDAQ:SVRA) Chief Financial Officer David Lowrance recently sold shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The transaction, which took place on December 16, involved the sale of 25,000 shares at a weighted average price of $3.3311, amounting to a total value of $83,277. The sale prices ranged from $3.29 to $3.36 per share. The sale comes as the stock has experienced an 8.4% decline over the past week, according to InvestingPro data.
In addition to the sale, the filing detailed several other transactions by Lowrance. On December 12, he acquired 100,000 restricted stock units, which will vest fully on December 12, 2026, contingent on his continued service with Savara. On the same day, he was granted stock options for 300,000 shares, exercisable in sixteen equal installments starting December 12, 2024.
Furthermore, on December 13, Lowrance made a gift of 12,000 shares to The McCallie School and had 24,350 shares withheld by Savara to cover tax liabilities related to the vesting of previously awarded restricted stock units. Following these transactions, Lowrance directly owns 381,005 shares of Savara's common stock.
In other recent news, Savara Inc. has seen varying analyst opinions. H.C. Wainwright lowered its price target for Savara from $10 to $6, but maintained a Buy rating. This adjustment came amid concerns over Savara's ability to meet its patient identification goals for Molbreevi ahead of its Biologics License Application (BLA) submission and potential market launch. On the other hand, Evercore ISI downgraded Savara's stock from Outperform to In Line and reduced the price target to $5.00. Despite this, Piper Sandler maintained an Overweight rating on Savara with a $16.00 price target, highlighting the company's bullish prospects in autoimmune Pulmonary Alveolar Proteinosis (aPAP) therapy.
Savara reported earnings per share at ($0.12), slightly below the ($0.10) forecasted by Oppenheimer and consensus estimates. Despite the slight miss, analyst firms Piper Sandler, H.C. Wainwright, and Oppenheimer maintained their positive ratings on Savara. The company also announced a $100 million stock offering of 26,246,720 shares managed by firms such as Jefferies, Piper Sandler, and Guggenheim Securities.
In addition to these financial developments, Savara has been making strides in product development. The company is on track for potential approval by the end of 2025 for MOLBREEVI in autoimmune Pulmonary Alveolar Proteinosis (aPAP), assuming the treatment receives priority review. Savara has also launched an Expanded Access Program for molgramostim, a potential treatment for aPAP, and appointed Braden Parker as the new Chief Commercial Officer, bringing over 25 years of experience in the healthcare and biotech industry. These recent developments highlight Savara's ongoing efforts in the biopharmaceutical industry.
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