Cavendish sees hVIVO's transition year setting platform for recovery as CRO market conditions stabilise

hVIVO PLC (AIM:HVO), the human challenge trial specialist, reported a sharp fall in revenue and profitability for 2025, but Cavendish argued on Wednesday that the numbers mask a more encouraging underlying story and that the company is better positioned heading into 2026 than the headline figures suggest. The broker, which maintains a 'buy' rating and 16.5p target price against a current share price of 8.7p, kept its 2026 revenue forecast virtually unchanged at £50.3 million following the results, reflecting management guidance for high single-digit growth weighted towards the second half of the year.