Brandon Folkes, an analyst from H.C. Wainwright, reiterated the Buy rating on Valneva. The associated price target remains the same with $18.00.
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Brandon Folkes has given his Buy rating due to a combination of factors including the recent selloff of Valneva’s stock, which he believes is an overreaction to the FDA’s suspension of IXCHIQ. Despite this setback, the suspension is not expected to significantly impact Valneva’s revenue, as IXCHIQ contributes a small portion of the company’s sales.
Folkes is optimistic about the upcoming data release for VLA15, a Lyme disease vaccine candidate co-developed with Pfizer, which could be a major value driver for the company. The potential for VLA15 to address an unmet medical need and its promising commercial prospects underpin a favorable risk-reward profile for Valneva. Additionally, the partnership with Pfizer reduces Valneva’s financial burden, enhancing the stock’s attractiveness. The current valuation, according to Folkes, does not fully reflect the company’s potential, making it an appealing investment opportunity.
In another report released today, Jefferies also maintained a Buy rating on the stock with a $14.00 price target.