Why Dynavax Technologies Stock Is Sinking Today
Dynavax Technologies (NASDAQ: DVAX), a mid-cap vaccine developer, saw its shares sink by as much as 15% in premarket trading Monday morning. The biotech's shares hit the skids in early morning action today after the company's French partner Valneva SE (OTC: INRL.F) announced that the U.K. government had terminated the supply agreement for its COVID-19 vaccine candidate known as VLA2001.
Dynavax's shares are taking a big hit from this news because the experimental vaccine uses the biotech's adjuvant CpG 1018. An adjuvant is a molecule used to boost the immune response of a vaccine. As of 10 a.m. EDT on Monday, Dynavax's shares are still down by a hefty 13% in the wake of this news and Valneva's equity is faring even worse, with the biopharma's American depositary receipt shedding approximately 40% of its value on this update.
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Source Fool.com
