(Teleborsa) – Sinks Valneva with prices lined up at 12.73 for one 36.09% drop. The stock of the French biotech company accuses the UK government terminating the supply contract for its Covid-19 vaccine candidate, VLA2001, claiming that the company has breached its obligations under the supply contract. Valneva has “vehemently denied” this allegation, failing to disclose what the UK government is contesting.
Last year, the UK struck a deal to buy 100 million doses from Valneva, whose vaccine is undergoing phase 3 testing and could hit the market by the end of the year. The stock fell as much as 45% to € 8.92 in early trading on the Paris Stock Exchange, but still remains up 65% year to date after a major rally in August.
Valneva is the only company to test a whole, inactivated virus vaccine in Europe. The French medtech vaccine is based on a more classic technology compared to that of Pfizer-BioNTech and Moderna vaccines (messenger mRna) and AstraZeneca and Johnson & Johnson (viral vector). Since it targets the entire virus rather than just the spike protein, some scientists expect it could better resist the variants.
A further fallback towards the area of support seen at 11.15 and later at 9.56. Resistance at 17.19.