On Monday, H.C. Wainwright maintained a Buy rating on Valneva SE (NASDAQ: VALN) with a steady price target of $26.00. The endorsement follows the recent approval of Ixchiq, Valneva's vaccine for chikungunya virus (CHIKV), by the European Commission. The decision, announced on June 28, came after a unanimous endorsement by member states and marks a significant regulatory milestone for the company.
The European Medicines Agency (EMA) had previously recommended on May 31, 2024, that Ixchiq be granted a marketing authorization in Europe, leading to a notably swift approval process. This follows the vaccine's accelerated approval by the U.S. Food and Drug Administration (FDA) on November 9, 2023, for individuals 18 years and older at increased risk of CHIKV exposure. Additionally, Health Canada approved Ixchiq on June 24, 2024.
Valneva has set high expectations for Ixchiq's commercial performance, projecting that sales will surpass €100 million in the third year following its launch. The company also estimates that the global market for chikungunya vaccines could exceed $500 million annually. H.C. Wainwright's financial projections are optimistic, forecasting Ixchiq sales to reach €15 million in 2024 and grow to €310 million by 2028.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.