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Valneva Shares Suffer as Coronavirus Vaccine Seen Arriving Too Late

01/19/2022 | 05:18am EDT

By Julien Maron and Joshua Kirby

Shares in French biotechnology company Valneva SE sank Wednesday as concerns mounted over the commercial prospects of its coronavirus vaccine candidate, VLA2001.

At 0944 GMT, shares were down 12% at EUR13.82.

Vaccine scarcity could turn into a vaccine surplus as the pandemic becomes endemic, a situation in which only vulnerable people may be eligible for vaccination, Stifel analyst Max Herrmann said. In this context, Valneva could struggle to obtain new contracts, he said.

The Omicron variant has meanwhile shown that vaccines don't prevent record numbers of daily new transmissions, Mohamed Kaabouni of Portzamparc said. The first pharmaceutical players to introduce vaccines--Pfizer Inc., Moderna Inc., Johnson & Johnson and, most recently, Novavax Inc.--have saturated the market in developed countries, Mr. Kaabouni added.

"It seems investors fear that those vaccines that have yet to get the nod from regulators, like Valneva's, risk arriving once the horse has already bolted," he said.

Valneva earlier this month confirmed that it expected to receive potential approval for VAL2001 from regulators in the European Union, the U.K. and Bahrain in the first quarter of the year.


This story was translated in whole or in part from a French-language version initially published by L'Agefi-Dow Jones.


Write to Julien Maron at jmarion@agefi.fr and to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby


(END) Dow Jones Newswires

01-19-22 0518ET

Stocks mentioned in the article
ChangeLast1st jan.
JOHNSON & JOHNSON -0.98% 179.62 Delayed Quote.5.00%
MODERNA, INC. -0.92% 130.85 Delayed Quote.-48.48%
NOVAVAX, INC. -0.88% 46.13 Delayed Quote.-67.76%
PFIZER, INC. 0.56% 53.71 Delayed Quote.-9.04%
VALNEVA SE -1.87% 10.73 Real-time Quote.-55.37%
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Financials
Sales 2022 343 M 366 M 366 M
Net income 2022 -28,5 M -30,5 M -30,5 M
Net cash 2022 213 M 228 M 228 M
P/E ratio 2022 -32,2x
Yield 2022 -
Capitalization 1 179 M 1 259 M 1 259 M
EV / Sales 2022 2,82x
EV / Sales 2023 1,20x
Nbr of Employees 762
Free-Float 73,9%
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 10,94 €
Average target price 20,08 €
Spread / Average Target 83,6%
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Managers and Directors
Thomas Lingelbach President & Chief Executive Officer
Franck Charles Marie Grimaud Director General & Chief Business Officer
Peter Buhler Chief Financial Officer & Director
Frédéric Grimaud Chairman-Supervisory Board
Michael Möhlen Vice President-Technical Development
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