GS turns bearish on Valneva after 'multiple disappointments', slashes PT

Valneva SE

22/04/2026 10:25

** Goldman Sachs cuts French vaccines company Valneva VLS.PA to "sell" from "neutral", citing a challenging outlook following "multiple disappointments"

** The Ixchiq withdrawal and VALOR miss in Lyme disease were major setbacks, the broker says, adds that the company's outlook comes with significant uncertainty

** Shares in Valneva VLS.PA fall 6.9%, on track for their worst day in a month

** GS also slashes its PT by 34% to 2.15 euros/shr

** After the VALOR trial update, it says the route to approval appears uncertain and remains cautious about PF-07307405's market potential in Lyme disease

** "Approval is unlikely," the broker says on Lyme vaccine, given trial failed to reach pre-determined statistical requirements, adds that it is a scenario "for which we are not aware of any precedent for approval"

** Beyond Lyme, it sees limited upside, citing a sparse catalyst path and little potential for pipeline surprise

** Among the eight analysts covering the stock, seven rate it "strong buy" or "buy", and one "sell" - LSEG

 (Reporting by Olivier Cherfan)

 ((olivier.cherfan@thomsonreuters.com))