First Berlin Equity Research has published a research update on Valneva SE (ISIN: FR0004056851). Analyst Simon Scholes reiterated his BUY rating and maintained his EUR 8.10 price target.

Abstract
The Valneva share surged 25% between Tuesday’s and Friday’s market close. Daily volume averaged 2.2m shares – more than double the average level. The rally was sparked by a World Health Organization (WHO) warning that the world is at risk of a global outbreak of chikungunya. Valneva, along with Bavarian Nordic, are the only two companies to supply chikungunya vaccines. Recent days have also seen positive news from the French biotech space and from the wider vaccine sector involving Sanofi, Abivax, and Bavarian Nordic. In our view, these diverse corporate news items are symptomatic of the undervaluation of the European biotech space in general and Valneva in particular. We maintain our Buy recommendation with an unchanged price target of €8.10 (upside: 143%).