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Valneva shares spike after saying vaccine candidate outperformed AstraZeneca's

By Steve Goldstein

Gilt yields spike after Bank of England governor says central bank will act

Valneva's wild stock-price rise continued on Monday after the French biotech said its coronavirus vaccine candidate outperformed AstraZeneca's in a trial.

Valneva shares rose as much as 46% after it said a Phase 3 trial showed its vaccine candidate, VLA2001, outperformed AstraZeneca's in a trial of 4,012 people, with a significantly more favorable tolerability profile. Valneva said its vaccine produced more neutralized antibodies and there was a complete absence of any severe COVID-19 cases.

Even with Monday's gain, the stock is still trading below its highs of September when the U.K. government terminated a supply agreement. Valneva said it will continue to work closely with the U.K. Medicines and Healthcare products Regulatory Agency to complete its rolling submission for approal, and is preparing to start the process to get conditional approval with the European Medicines Agency.

Dynavax Technologies (DVAX) rose 8% in premarket trade as the Valneva vaccine uses Dynavax's CpG 1018 adjuvant.

European stocks more broadly traded lower after China reported slower-than-forecast third-quarter growth of 4.9% year-over-year.

Luxury-goods makers Kering and LVMH Moet Hennessy Louis Vuitton declined after the disappointing Chinese numbers, sending the Stoxx Europe 600 down 0.5% to 467.28.

Of the major regional indexes, the German DAX declined 0.6%, the French CAC 40 declined 0.7% and the U.K. FTSE 100 declined 0.2%.

One advancer was THG , rising 9% after the SoftBank-backed retailer said it will remove its special share rights. THG shares are now up 19% from last week, but down 60% for the year, on concerns that SoftBank won't trigger an option to buy a THG division.

The yield on the 2-year gilt jumped 12 basis points, to 0.70%, after Bank of England Gov. Andrew Bailey said on Sunday the central bank will have to act to curb inflationary pressure.

-Steve Goldstein

 

(END) Dow Jones Newswires

10-18-21 0726ET

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