Invest Securities maintains its Buy rating on Valbiotis shares, with an unchanged target price of 12.3 euros.

The analyst believes that the roadmap shared on Wednesday is broadly in line with its expectations.

Invest Secruties reports that publication of the full efficacy report on the REVERSE-IT study is scheduled for September, which should shed new light on the product's potential.

In addition, the INSIGHT clinical program for TOTUM-854 is slightly behind schedule in terms of recruitment, but this has no impact on the target price.

Lastly, partnership discussions on TOTUM-070 are progressing positively, and the Group is continuing to structure itself ahead of the launch of TOTUM-63 and TOTUM-070 in H1 24.


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