Savara Surrenders Some Early Gains After JMP Securities Initiates Coverage

Savara Inc SVRA shares are trading higher by 14 cents (3 percent) at $6.94 in Monday's session.

Before the open, JMP Securities initiated coverage on the stock with a Market Outperform rating with a $20.00 price target. That rating instigated a higher opening and had follow through to $7.50 before reversing course. That marks the highest level for the stock since it peaked on May 3 at $8.00, but weakened to end the session at $6.47.

Since reaching that elevated level, profit-takers have come into the Savara, taking it beyond its opening print of $7.19. At this time, it has found intraday support just a penny above its closing price of $6.80 and is now attempting to re-enter the $7.00 handle.