(CercleFinance.com) – Innate Pharma shares rose sharply on the Paris Stock Exchange on Friday, driven by the initiation of hedging on the purchase by Stifel analysts.
Around 3:30 p.m., the title of the specialist in immuno-oncology won 4.9% while the Paris market only rose by 1.6%.
In a note released in the morning, Stifel said it had started its stock coverage with a buy recommendation and a target price of 7.1 euros, hailing a company that was “diversified, mature, well-financed and cheap”.
After the recent correction in the biotechnology sector, the broker believes that some valuations may appear incredibly low within the market.
‘We consider Innate Pharma as one of the companies we follow with differentiating qualities, which could allow it to participate in the next phase of rebound’, he assures in his note.
Stifel also mentions a potential target profile for an acquisition due to its participation in several research and development programs, a status that could make it attractive to buyers seeking to avoid payment of milestones or royalties.
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