Jefferies analyst Maury Raycroft lowered the firm’s price target on Valneva (VALN) to $14 from $18 and keeps a Buy rating on the shares after the FDA suspended the Ixchiq biologics license application based on four new serious adverse events seen outside of the U.S. The firm, which thinks there is some potential risk for ex-U.S. regulators to change their stance on Ixchiq licensure, adds that Ixchiq is “not a major revenue driver” in the near term.
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