Valneva price target lowered to $23 from $26 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Valneva to $23 from $26 and keeps a Buy rating on the shares. The firm cites dilution from the company’s private placement for the target cut. The analyst updated Valneva’s model to reflect the capital raise and subsequent dilution.