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Valneva: Portzamparc upgrades stock

( - On Thursday Portzamparc upgraded its rating on Valneva shares to "buy" (from "hold"), while trimming its target price for them to 10 euros (from 11.
1 euros).

The analyst explains that this upgrade follows the French vaccine specialist's launch of a 40 million euro fundraising campaign.

The amount raised from this offering will be used to finance Valneva's part of the phase III study in Lyme disease, the broker says.

Portzamparc points out that the proceeds of the transaction will also be used to finance the regulatory submission and the preparation of the marketing of the chikungunya vaccine, as well as to provide the company with working capital.

Valneva shares are down in the dumps today - tumbling almost 8% in late morning trading.

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