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Valneva: Oddo raises target price

( - Oddo maintains its "neutral" rating on Valneva shares, while significantly raising its target price for them from 11.
8 euros to 16.3 euros.

The broker highlights good Phase 3 results of its Covid vaccine candidate, with higher antibody levels than AstraZeneca's and a very good safety, with only 1% of patients reporting side effects.

While the price of the vaccine has not been disclosed, Oddo understands that it is expected to be significantly higher than that in the UK deal, certainly in the range of 16 euros to 20 euros.

The broker is therefore increasing the estimated price of the vaccine dose, from 7 euros to 18 euros, which justifies its target price increase.

Feedback from the health authorities is expected in the first quarter, which will enable the first deliveries to be made, the analyst adds.

In addition to Covid, the company is also working on Lyme disease and on a treatment for Chikungunya for which a marketing authorisation application should be filed this year.

In mid-morning trading the share is down almost 3% at just over 17 euros.

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