RTTNews | Oct 20, 2021 12:45PM EDT

12:45 Wednesday, October 20, 2021 (RTTNews.com) - Shares of Valneva SE (VALN) are gaining over 15% on Wednesday morning, continuing its rally from Monday, when the French biotech company reported that its coronavirus vaccine candidate performed better compared to AstraZeneca's vaccine in a trial.

VALN is currently $41.16, up $5.76 or 16.27%, on the Nasdaq. The stock has traded between $24.16 and $59.15 in the past 5-month period.

In the late-stage study, dubbed Cov-Compare, Valneva's Covid-19 vaccine candidate VLA2001 showed superiority against Oxford/AstraZeneca's COVID-19 vaccine AZD1222 in terms of geometric mean titer for neutralization antibodies as well as non-inferiority in terms of seroconversion rates at two weeks after the second vaccination in adults aged 30 years and older.

The trial recruited a total of 4,012 participants aged 18 years and older across 26 trial sites in the United Kingdom.

Valneva said it has commenced a rolling submission for initial approval of VLA2001 with the UK's Medicines and Healthcare products Regulatory Agency (MHRA) and is preparing to commence rolling submission for conditional approval with the European Medicines Agency.

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