Benzinga | Sep 13, 2021 10:09AM EDT

Why Dynavax Shares Are Trading Lower Today

Dynavax Technologies Corp (NASDAQ:DVAX) is trading lower after the company announced Valneva SE (NASDAQ:VALN) received a termination notice from the United Kingdom government in relation to Valneva's supply agreement for its COVID-19 vaccine candidate, VLA2001.

Valneva said it intends to continue clinical development of VLA2001, which is currently in Phase 3 trials. Phase 3 results are expected to be available early in the fourth quarter.

"Valneva is one of a number of companies developing COVID vaccines using CpG 1018 as an adjuvant and we continue to look forward to the upcoming Phase 3 clinical trial results for Valneva's inactivated COVID-19 vaccine adjuvanted with CpG 1018," said Ryan Spencer, CEO of Dynavax.

"The first COVID-19 vaccine that uses CpG 1018 was recently authorized by regulatory authorities and we look forward to the potential authorization of additional Dynavax-enabled COVID-19 vaccines in the months and quarters ahead," Spencer added.

Dynavax is a biopharmaceutical company focused on leveraging the power of the body's innate and adaptive immune responses through toll-like receptor stimulation.

DVAX Price Action: Dynavax has traded as high as $20.40 and as low as $3.58 over a 52-week period.

The stock was down 11.2-% at $15.58 at time of publication.

Photo: Torstensimon from Pixabay.