Strong base, 'shot at Lyme' - TD Cowen starts Valneva at 'buy'

Valneva SE

11/08/2026 06:57

** TD Cowen initiates coverage of French vaccine company Valneva VLS.PA with "buy", citing its established base business and an undervalued Lyme disease vaccine opportunity
** The broker says the Lyme disease vaccine candidate LB6V narrowly missed a Phase III statistical threshold due to lower case accrual rather than efficacy limits, keeping the regulatory path intact in the U.S.
** The brokerage adds that European regulators use a more flexible approach, making the European Union a lower-risk and potentially straightforward approval pathway
** TD Cowen sees additional strategic optionality through potential re-partnering or acquisition interest if the U.S. regulatory filing is delayed
** The brokerage also says the established travel vaccine franchise generates recurring revenue and provides meaningful downside protection to support the firm's current valuation
** Out of 8 analysts covering Valneva, seven rate it "strong buy" or "buy"​ and one "sell" -- LSEG data
     

(Reporting by Lucie Barbier in Gdansk)
((lucie.barbier@thomsonreuters.com))