DBV Technologies reinstated with a Sell at Goldman Sachs

Goldman Sachs analyst Rajan Sharma reinstated coverage of DBV Technologies (DBVT) with a Sell rating and $7.25 price target implying 14% downside. While the company has made progress in recent months on the regulatory path for Viaskin Peanut, which provides clarity and additional confidence on the forward path, commercial execution will be challenging and DBV’s strategy to commercialize alone is “high risk,” the analyst tells investors in a research note. Goldman expects the key 2025 catalyst of the Phase 3 VITESSE readout to be positive, but expects share price upside to be limited due to the subsequent exercise of warrants, which could lead to significant dilution. The firm sees limited incentive for new investors to enter the stock ahead of the readout.