Panmure Liberum maintains a Hold on hVIVO (AIM:HVO) with an unchanged 10p price target, despite a recent success.
The broker says recent contract wins underpin its FY26E and FY27E forecasts but views those awards as two long-term pipeline opportunities converting after fundraises rather than evidence that the human challenge trial (HCT) market is firing on all cylinders; hVIVO is an AIM-listed clinical research organisation specialising in controlled human infection studies to support vaccine and therapeutic development.
Analyst Seb Jantet notes the vaccine backdrop remains challenging and negative rhetoric has prompted sponsors to scale back plans, so while Panmure expects hVIVO to pick up further contracts, it has little confidence in the timing and therefore keeps the Hold call and 10p target.
Panmure says it would need clearer, sustained contract flow before turning positive on the stock.
