Valneva SE (VALN) shares plunged 36.39 percent to $6.57, down $3.75 on Monday, after mixed interpretation of Phase 3 Lyme disease vaccine trial results announced with partner Pfizer Inc (PFE).
The stock is currently trading at $6.57 compared with its previous close of $10.32. Shares opened at $6.77 and traded between $6.35 and $6.87 during the session on the Nasdaq. Trading volume reached about 590,051 shares, sharply above the average volume of about 17,737 shares.
The companies announced that the Phase 3 VALOR trial demonstrated vaccine efficacy rates of 73.2 percent and 74.8 percent in two planned analyses, suggesting significant protection against Lyme disease. However, the study recorded fewer cases of Lyme disease than anticipated, resulting in the first pre-specified primary endpoint not meeting the necessary statistical threshold, as the lower limit of the 95 percent confidence interval fell below 20.
The stock has traded in a 52-week range of $5.43 to $12.25.
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