Inventiva price target lowered to $20 from $25 at Stifel

Stifel lowered the firm’s price target on Inventiva to $20 from $25 and keeps a Buy rating on the shares. The first half report, with no final review issued by its Statutory Auditors and uncertainty regarding the company’s financial status as a growing concern, highlights Inventiva’s “continued precarious financing position,” the analyst tells investors. Enrollment completion of NATiV3 has slipped, which the analyst calls “unfortunate for such a clinically promising program,” and the firm thinks most of the company’s non-dilutive options, aside from engaging a strategic suitor, have been exhausted, any debt facility could prove “overly burdensome,” and that “all other financing option may prove highly dilutive.”