Valneva shares spike after saying vaccine candidate outclasses AstraZeneca’s

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The wild rise in Valneva’s stock price continued on Monday after French biotechnology said its coronavirus vaccine candidate outperformed AstraZeneca’s in a trial.

Valneva VLA,
+ 34.58%

VALN,
+ 3.51%
shares rose 42% after he said a Phase 3 trial showed its vaccine candidate, VLA2001, outperformed AstraZeneca’s AZN,
-0.52%
in a trial involving 4,012 people, with a significantly more favorable tolerability profile. Valneva said his vaccine produced more neutralized antibodies and that there was a complete absence of severe cases of COVID-19.

Even with Monday’s gain, the stock is still trading below its September highs when the UK government ended a supply deal. Valneva said it will continue to work closely with the UK Medicines and Health Products Regulatory Agency to complete its ongoing submission for approval, and is preparing to start the conditional approval process with the Agency. European Medicines.

European stocks traded lower after China reported slower-than-expected third-quarter growth of 4.9% year-on-year.

The manufacturers of luxury products Kering KER,
-3.33%
and LVMH Moët Hennessy Louis Vuitton MC,
-3.05%
declined after disappointing Chinese figures, sending the Stoxx Europe 600 SXXP,
-0.45%
down 0.4% to 467.65.

Among the main regional indices, the German DAX DAX,
-0.51%
fell 0.4%, the French CAC 40 PX1,
-0.88%
fell 0.7% and the UK FTSE 100 UKX,
-0.26%
fell 0.2%.

One advancement was THG THG,
+ 8.91%,
up 7% after the SoftBank-backed retailer announced it would remove its special action rights. THG shares are now up 19% from last week, but down 60% for the year, amid concerns that SoftBank 9984,
-0.83%
will not trigger an option to buy a THG division.

The yield of the 2-year gilt TMBMKGB-02Y,
0.735%
jumped 14 basis points, to 0.72%, after Bank of England Governor Andrew Bailey on Sunday said the central bank will have to act to curb inflationary pressures.


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