HilleVax price target lowered to $30 from $35 at Stifel

Stifel lowered the firm’s price target on HilleVax to $30 from $35 and keeps a Buy rating on the shares following management’s earnings announcement and corporate update. The firm believes the current valuation does not appropriately reflect the risk / reward inherent to the disclosure of topline data from the Phase 2B NEXT-IN1 trial evaluating HL-214, the analyst tells investors. This event will likely “significantly de-risk” future Phase 3 development prospects and may attract significant strategic interest, the firm says.