In a note on European biotech stocks, Oddo BHF favors Valneva, as well as Abivax and Genfit, with 'outperform' opinions and price targets raised to 12, 30 and 8.8 euros respectively.

These three stocks benefit from solid shareholders and a clinical and regulatory newsflow whose risk/reward seems attractive to us over the next 18 months", explains the analyst in charge of the dossier.

Oddo BHF points out that the sector's stock market performance at the start of 2023 has once again been extremely mixed. However, he points out that "a rebound in M&A transactions is finally materializing, which should reinvigorate an apathetic sector".

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