Additional detail on NEW HVO note12 May 2025 10:53
HVIVO (HVO, Mkt cap £120m, TP: 35p, CP: 17.5p) – Recent World Vaccine Congress meeting, flash note
World Vaccine Congress 2025: hVIVO’s presentation of data across newly developed respiratory viral challenge models was a strong reminder of the innovation platform underpinning the company’s commercial success to date.
Alex Mann (Senior Director of Clinical Science) presented examples of hVIVO’s recent developments in challenge studies, building on the demonstrated success in RSV and taking in new influenza challenge agents (B Connecticut /21, H1N1 A/France/21 and H3N2 A/England/22) and other respiratory viruses (SARS-CoV-2 Omicron BA.5, hMPV-A and RSV-B London). We understand the company saw particular interest from biopharma in its hMPV and Flu B models, where there are currently no other models for candidate testing.
Alex Mann demonstrated the strong science base of the business and also set the scene for new commercial opportunities, as new challenge models in flu are now ready for vaccine efficacy testing, supported by robust relevant disease endpoints. Expansion cohorts are also underway with other promising respiratory agents such as hMPV, SAR-CoV-2 BA.5, and RSV-B.
We also note that the company presented new objective and sensitive methods for temperature monitoring that are under development as an approach to measure changes in facial temperature during infection. This potentially adds to the toolbox of methods for use in client studies and is an exemplar of hVIVO’s capacity to innovate for the future.
Separately, we note that the tone of the Congress was set with the opening keynote from Dr Greg Poland MD, Director of the Mayo Vaccine Research Group. Essentially a call to action, he highlighted the ongoing advances in vaccines and immunology, contrasting with the current backdrop and erosion of the US political positioning on vaccines. While there is plenty of ‘noise’ at present in terms of US leadership on vaccines, our view is that this is, almost by definition, a temporary situation and that the long-term demand – and drive – for innovation within the field continues. Whether or not politics changes, ultimately the science remains the same and good products that meet an unmet medical need will do well irrespective of political fashions.
We reiterate our view that on many metrics, hVIVO represents a compelling opportunity to gain exposure to a structurally critical element of the pharmaceutical development sector. We refer investors to our FY24 results note of 10 April 2025 for further background and recent progress, while our target price of 35p represents c100% headroom on the current share price.
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