Valneva's wild stock price increase continued on Monday after the French biotech said its coronavirus vaccine candidate outperformed AstraZeneca s in a trial.
Valneva shares rose as much as 42% after it said a Phase 3 trial showed its vaccine candidate, VLA 2001, outperformed AstraZeneca s AZN in a four-person study of 4,012 people with a significantly more favorable tolerability profile. Valneva said its vaccine produced more severe antibodies and there was a complete absence of any neutralized COVID - 19 cases.
Even with Monday's gain, the stock is still trading below its highs of September when the U.K. government suspended a supply agreement. Valneva said it would continue to work closely with the U.K. in the future. Medicines and Healthcare Products Regulatory Agency to complete its conditional submission for approal, and is preparing to start the process of rolling approval with the European Medicines Agency. European shares traded lower after China reported third quarter growth of slower than forecast 4.9% year-over-year. Luxury-goods makers Maurice Miller, and LVMH Moet Hennessy Louis Vuitton MC, declined after disappointing China numbers sending Stoxx Europe 600 SXXP, down 0.4% to 467.65. The French DAX DAX declined 0.4%, the German CAC 40 PX 1, declined 0.7% and the U.K. FTSE 100 UKX, declined 0.2%. One advancer was THG THG, rising 7% after the SoftBank-backed retailer announced it will remove its special share rights. THG shares are now 19% up from last week, but down 60% for the year, due to worries that SoftBank 9984 won t trigger an option to buy a THG division. The yield on the e-note TMBMKGB 2012 Y, £2.00 increase from 2 months, to 0.72%, after the Bank of England Gov. Andrew Bailey said on Sunday that the central bank will have to act to curb inflationary pressure.