Inventiva price target lowered to $17 from $20 at Stifel

Stifel lowered the firm’s price target on Inventiva (IVA) to $17 from $20 and keeps a Buy rating on the shares. The company removed its “biggest stock overhang” through an equity financing of up to EUR 348M in three tranches, the first of which was closed in October, the analyst tells investors. The firm, which notes cash is sufficient until Q2 of 2025 with access to future conditional tranches, reduced it price target to account for dilution.