PARIS Reuters - Shares in biotech company Valneva fell again on Wednesday, declining for the seventh day in a row due to a growing belief among investors that the COVID- 19 Omicron variant might lessen the need for mass vaccination.
Valneva shares were down 3% at 17.10 euros at the time of 0945 GMT, meaning it has lost close to 40% since its December 27 close of 26.38 euros.
It gained more than 200% a year in 2021 and 2020 as Valneva's COVID 19 vaccine candidate came closer to approval. It is still waiting for a decision on whether or not it will get a shot in the European Union and Britain.
Retail investors who think there won't be a new vaccine campaign are behind the decline of the share price, according to a Paris-based analyst.
Companies with already approved COVID 19 vaccines have seen their shares drop since the beginning of the year, with Pfizer losing 7.65% over the last two days and Moderna down 8.2%.
Initial data in various countries seems to suggest that Omicron is less likely to send infected people to hospital, the most contagious of all COVID variants to date, with new cases at record levels in many countries.