H.C. Wainwright Reiterates Buy Rating on Valneva SE (VALN)

H.C. Wainwright analyst Edward White reiterated a Buy rating and $26.00 price target on Valneva SE (NASDAQ: VALN).

The analyst commented: "It was announced on June 28 that Ixchiq received approval from the European Commission for use in the EU after member states’ unanimous endorsement. Ixchiq is the company’s live attenuated single-shot vaccine for the prevention of disease caused by chikungunya virus (CHIKV) in individuals 18 years of age and older. On May 31, 2024, it was announced that the EMA recommended the granting of a marketing authorization for Ixchiq in Europe. We note that this was a quick approval as there is usually a longer time between the CHMP opinion and an approval. On November 9, 2023, the FDA granted Ixchiq accelerated approval for the prevention of disease caused by CHIKV in individuals 18 years of age and older who are at increased risk of exposure to CHIKV. On June 24, 2024, Valneva announced that Ixchiq received approval from Health Canada. Valneva expects Ixchiq sales to exceed €100M in year 3 of the Ixchiq commercial launch, and it anticipates the global market for chikungunya vaccines will exceed $500M per year. We project Ixchiq sales of €15 million in 2024, growing to €310 million in 2028. Reiterate Buy rating and $26 PT."

For an analyst ratings summary and ratings history on Valneva SE click here. For more ratings news on Valneva SE click here.

Shares of Valneva SE closed at $7.01 yesterday.

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