Inventiva SA (IVA) PT Lowered to $13 at H.C. Wainwright

H.C. Wainwright analyst Ed Arce lowered the price target on Inventiva SA (NASDAQ: IVA) to $13.00 (from $14.00) while maintaining a Buy rating.

The analyst commented: "Yesterday, Inventiva announced an immediate cash infusion of €94.1M (€86.6M in net proceeds), as part of a financing arrangement for up to €348M in potential funding (contingent on specific conditions), led by a number of new and current healthcare investors including New Enterprise Associates (NEA), BVF Partners LP, and Samsara BioCapital, plus eight other investors. As part of the transaction, and pending shareholder approval by December 16, 2024, Inventiva appointed Mark Pruzanski, MD as the Chairman of its Board, and Srinivas Akkaraju, MD, PhD, as a board director, with up to four additional directors to be nominated by the four largest investors, with at least two being independent and replacing current directors, excluding Frederic Cren, Mark Pruzanski, and Srini Akkaraju. We note that Dr. Pruzanski was the Founder, President, and CEO of Intercept Pharmaceuticals (now part of Alfasigma S.p.A., private), where he had accumulated substantial experience in the clinical development of MASH therapeutics. Overall, we view the financing arrangement as much-needed and well-timed given Inventiva's previous cash runway "to mid-October", and importantly provides secured funding through the NATiV3 pivotal Phase 3 trial's top-line data readout expected in 2H26, to lanifibranor's potential accelerated approval for MASH fibrosis that we expect in 2H27. Affirm Buy rating and adjust PT to $13 from $14."

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