Valneva price target lowered to $20 from $23 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Valneva to $20 from $23 and keeps a Buy rating on the shares following the investor day. The firm cites more conservative initial sales estimates for Ixchiq and VLA15 for the target cut. The analyst believes Valneva’s lyme disease vaccine is a potential blockbuster.