Valneva price target lowered to $14 from $15 at Guggenheim

Guggenheim analyst Vamil Divan lowered the firm’s price target on Valneva (VALN) to $14 from $15 and keeps a Buy rating on the shares. Valneva released detailed Q1 results and provided a corporate update, then announced that the European Medicines Agency is temporarily suspending the use of Valneva’s chikungunya vaccine Ixchiq in people over 65 years old as part of the ongoing review of serious adverse events, notes the firm, which is modestly lowering its Ixchiq revenue estimates to account for this new potential safety concern.