H.C. Wainwright analyst Raghuram Selvaraju reiterated a Buy rating and $12.00 price target on Emergent BioSolutions (NYSE: EBS).

The analyst commented: "In a press release yesterday, Emergent BioSolutions announced that it had entered into an agreement with Substipharm Biologics—a privately-held healthcare-focused entity headquartered in Paris, France—valued at ~$34.5M to support drug substance manufacturing for its Japanese Encephalitis (JE) vaccine, licensed internationally under the brand name IMOJEV at Emergent’s Canton, MA facility, and for Emergent to serve as the exclusive distributor of the vaccine to the U.S. government, following potential FDA regulatory submissions. Emergent Canton is a BSL-2, multi-product commercial facility that provides viral drug substance manufacturing. Following an inspection in February 2026, the FDA listed “No Action Indicated” status classification for the Canton manufacturing facility, reflecting Emergent’s commitment to ensuring continued compliance with current good manufacturing practices. Emergent has begun scale-up efforts at the Canton facility and intends to hire additional employees later this year. Under a master Manufacturing Services Agreement (MSA), Emergent will conduct operational and regulatory inspection readiness activities and manufacture drug substance to support Substipharm’s U.S. regulatory submission for the vaccine with the FDA. The parties have entered into a distribution agreement under which Emergent will be the exclusive distributor of the vaccine to the U.S. government upon FDA approval. Emergent has previously manufactured IMOJEV drug substance for international markets and continues to actively manage and maintain product inventory at the Canton facility for Substipharm. We reiterate our Buy rating and 12-month price target of $12."

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Shares of Emergent BioSolutions closed at $8.23 yesterday.