Jefferies says Valneva stock weakness presents buying opportunity

Jefferies reiterated a Buy rating and $15 price target on Valneva (VALN) after the company reported topline results from the Phase 3 VALOR clinical trial of its investigational 6-valent OspA-based Lyme disease vaccine candidate PF-07307405. The firm told investors in a research note that the stock is over-reacting due to headline miss on statistical significance for per-protocol analysis with 28-day post-dose endpoint showing 73.2% vaccine efficacy that missed bar for greater than 20% on the lower bound of 95% confidence interval. Jefferies added that stock weakness presents a buying opportunity with potential path to approval intact.