Lucid files for 1-for-10 reverse stock split requiring shareholder approval
Matthew Pauls, the Chief Executive Officer of Savara Inc (NASDAQ:SVRA), recently executed a series of transactions involving the company's common stock, according to a filing with the Securities and Exchange Commission dated December 16, 2024. The transactions come as the company's stock, currently trading at $3.26, has experienced an 8.43% decline over the past week, according to InvestingPro data.
On December 16, Pauls sold 54,702 shares of Savara's common stock, generating a total of $180,828. The shares were sold at an average price of $3.3057, with sale prices ranging from $3.28 to $3.34. Despite the recent insider sales, analysts maintain a bullish outlook with price targets ranging from $5 to $16.
Earlier, on December 12, Pauls acquired 400,000 restricted stock units (RSUs) and 900,000 stock options, both at no cost. The RSUs are set to vest in full on December 12, 2026, contingent on Pauls' continued service with the company. Additionally, on December 13, he disposed of 92,593 shares at $3.21 each to cover tax liabilities upon the vesting of restricted stock units, totaling $297,223.
Following these transactions, Pauls holds 1,536,379 shares of Savara's common stock.
In other recent news, Savara Inc. has seen significant developments in its business operations. The company reported earnings per share at ($0.12), slightly below the ($0.10) forecasted by Oppenheimer and consensus estimates. Despite this, analyst firms Piper Sandler, H.C. Wainwright, and Oppenheimer maintained positive ratings on Savara. Additionally, Savara announced a $100 million stock offering of 26,246,720 shares managed by firms such as Jefferies, Piper Sandler, and Guggenheim Securities.
Evercore ISI recently downgraded the stock from Outperform to In Line and reduced the price target to $5.00. However, H.C. Wainwright maintained its Buy rating on Savara, despite lowering its price target from $10.00 to $6.00 due to concerns over patient identification goals for Molbreevi.
In other recent developments, Savara launched an Expanded Access Program for molgramostim, a potential treatment for autoimmune Pulmonary Alveolar Proteinosis (aPAP). The company also appointed Braden Parker as the new Chief Commercial Officer, bringing over 25 years of experience in the healthcare and biotech industry. Savara is on track for potential approval by the end of 2025 for MOLBREEVI™s in autoimmune pulmonary alveolar proteinosis (aPAP), assuming the treatment receives priority review.
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