First Berlin – Valneva SE Research Update (16/12/2021)

First Berlin Equity Research has published a research update on Valneva SE (ISIN: FR0004056851). Analyst Simon Scholes reiterated his ADD rating and maintained his EUR 23.40 price target.

Abstract
This morning Valneva announced positive homologous booster data from the phase 1/2 study of its COVID-19 vaccine candidate, VLA2001 (i.e. data showing the impact of a VLA2001 booster following primary vaccination also with VLA2001). Compared with pre-booster levels, the results showed a 42- to 106-fold increase in antibody titers against the wild type virus two weeks after the booster dose. In addition, antibody titers were four-fold higher compared to two weeks after primary immunisation. The new booster data will be included in the data packages currently under review by the UK and EU regulatory authorities. Potential regulatory approvals of VLA2001 are expected in the first quarter of 2022. We maintain our Add recommendation and price target of €23.40.