'Undervalued' Inventiva jumps after KBC ups to buy

Inventiva SA

13/09/2023 09:37

** Shares in Inventiva  IVAA.PA  jump about 10% after 
 KBC Securities raises the French biotech company to "buy" from
"accumulate", citing easing worries around financing for its
liver disease treatment lanifibranor, and low valuation 
    ** The shares head for their best day in about 3 months if
gains hold 
        ** Inventiva's recent 36 million euro ($38.67 million)
financing should fund the company into early third quarter of
2024, KBC says, adding this is enough to meet its near-term
milestones
    ** "While financing has been a source of overhang for the
stock, Inventiva is on the right path to secure the additional
funding required to reach the phase 3 topline readout in 2H25,"
says the broker, referring to the clinical trial for
lanifibranor 
    ** KBC says Inventiva remains "undervalued" compared to its
peers, adding the biopharma company is "an under-the-radar
story with significant upside"
    ** Out of eight analysts covering Inventiva, 3 rate it
"strong buy", while five rate it "buy"


($1 = 0.9309 euros)

 (Reporting by Olivier Sorgho)
 ((Olivier.Sorgho@thomsonreuters.com))