Three doses of Valneva's (VALN) inactivated COVID-19 vaccine candidate, VLA2001, neutralizes the Omicron variant of SARS-CoV-2, per data from preliminary lab studies. Shares rally.
Shares in biotech company Valneva fell again on Wednesday, declining for the seventh day in a row due to a growing belief amongst investors that the COVID-19 Omicron variant might lessen the need for mass vaccination. At 0945 GMT, Valneva shares were down 3% at 17.10 euros, meaning the stock has now lost close to 40% since its Dec. 27 close of 26.38 euros. It did gain more than 200% a year in 2021 and 2020 as Valneva's COVID-19 vaccine candidate came increasingly closer to approval.
Some recent dismal results for Valneva's vaccine looked bad. But there could be more to the story.