UPDATE: H.C. Wainwright Starts Valneva SE (VALN) at Buy
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H.C. Wainwright analyst Edward White initiates coverage on Valneva SE (NASDAQ: VALN) with a Buy rating and a price target of $34.00.
The analyst comments "Promising specialty vaccine company with a solid cash position. Valneva is a fully integrated specialty vaccine company focused on the development and commercialization of prophylactic vaccines for infectious diseases with significant unmet need. The company has three vaccine development programs as well as two commercially available vaccines for travelers. While there has been a lot of focus on the COVID-19 vaccine opportunity, we are not including that program in our valuation due to uncertainty regarding European contracts; we still believe the current stock price represents a buying opportunity when considering only the Lyme disease and chikungunya opportunities. As of March 31, 2022, Valneva had a cash balance of €311.3 million. We are initiating coverage of Valneva with a Buy rating and $34 price target."
Shares of Valneva SE closed at $19.84 yesterday.
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