Valneva rises after EMA lifts temporary restriction on chikungunya vaccine

** Shares in French vaccine maker Valneva VLA rise more than 7% after European Medicine Agency (EMA) lifted temporary restriction on use of chikungunya vaccine IXCHIQ in elderly

** The suspension was initiated in May due to side effects in elderly people with underlying medical conditions

** Van Lanschot Kempen analysts note the vaccine's label already contradicts its use in people with weakened immune system

** Considering the same contradiction is specified in the drug's U.S. label, the broker expects the similar FDA-issued suspension to be lifted there in next months

** "Although Ixchiq only represents a minor part of our valuation, we do anticipate a positive share price reaction on the lift today," the broker says

** Up to Friday's close, Valneva's shares were up 16.4% YTD