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Shares in COVID-19 vaccine developer Valneva extend fall -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The logo for French-Austrian biotech company Valneva can be seen at their Vienna headquarters, Austria on December 16, 2021. REUTERS/Lisi Niesner

PARIS (Reuters) – Shares of Valneva, a biotech company that specializes in vaccines and other health products fell on Wednesday. This was due to investors believing the COVID-19 Omicron variant could reduce the need for mass vaccination.

Valneva shares dropped 3% to 17.10 Euros at 09:45 GMT. The stock had lost nearly 40% since Dec. 27, when it was 26.38 euro.

As Valneva’s COVID-19 candidate vaccine became more approved, it did see a rise of over 200% per year between 2021-2021. The European Union and Britain have yet to give it the green light.

A Paris-based analyst stated that the decline in share prices was mainly driven by retail investors, who believe there won’t be a need for a new vaccine campaign following the Omicron wave.

The shares of COVID-19-vaccinated companies have fallen since the beginning of this year. Pfizer (NYSE:) Losing 7.65% in the past two days Moderna (NASDAQ:) Down 8.2%

Initial data from different countries suggest Omicron, the most contagious COVID variant to date (record-breaking numbers of cases in many countries), is less likely than others to transport infected patients to the hospital.

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