Barclays cuts DBV target to $30, thinks FDA approval still warranted
Barclays analyst Geoff Meacham lowered his price target for DBV Technologies to $30 citing the negative Phase 3 trial of Viaskin Peanut. While the difference in responder rates was statistically significant, "highly robust and we think clinically meaningful," trial formally missed the statistical threshold for success, Meacham tells investors in a research note. The "clean" safety profile of Viaskin Peanut combined with efficacy data that show a clear clinical benefit in a major unmet need should warrant FDA approval, the analyst contends. His new price target, however, reflects lower commercial potential and a lower probability of success for DBV's earlier stage assets. Meacham keeps an Overweight rating on the shares.