Analyst Edward White of H.C. Wainwright maintained a Buy rating on Valneva (VALN – Research Report), with a price target of $26.00.
Edward White’s Buy rating for Valneva’s stock is underpinned by a nuanced analysis of the company’s financial outlook and product pipeline potential. White has taken into account Valneva’s stable guidance for product sales and R&D expenses, alongside an anticipated significant income from the sale of a priority review voucher. This voucher is linked to Ixchiq, Valneva’s promising chikungunya vaccine, which has already received accelerated approval from the FDA. The unchanged financial guidance for 2023, combined with the strategic drawdown of debt financing and a healthy cash reserve, sets a positive tone for the company’s fiscal health.
Furthermore, White projects robust growth for Ixchiq, forecasting sales to ramp up significantly post its commercial launch in the U.S. market in early 2024, with an expected market size exceeding $500 million by 2032. The valuation also incorporates probability-adjusted revenue forecasts for another of Valneva’s products, VLA15 for Lyme disease. White employs a net present value approach to revenue forecasting through 2028, with appropriate market comparables and discount rates that reflect the inherent risks of product development. His analysis culminates in a $26 price target, suggesting a strong conviction in Valneva’s market performance and potential for investor returns.
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Valneva (VALN) Company Description:
Valneva SE is a vaccine company focused on developing life-saving vaccines. Its portfolio includes two vaccines for travellers; one for the prevention of Japanese encephalitis (IXIARO) and the second (DUKORAL) for the prevention of cholera and diarrhoea. The segments of the group are Commercialized vaccines which relate to marketed vaccines, the group’s vaccines IXIARO/JESPECT, DUKORAL, and third-party products; Vaccine candidates which relate to research and development programs to generate new approvable products to generate future cash flows from product sales through partnering with pharmaceutical companies; and Technologies and services which relates to services and inventions at a commercialization stage. The group is based in France and operates internationally.
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