Why Dynavax Crushed the Market on Thursday

Biotech Dynavax Technologies (NASDAQ: DVAX) had a terrific Thursday on the stock market. The company's shares rocketed nearly 7% higher on the day, trouncing the S&P 500 index's upward crawl of just under 1%. More good news from an important partner across the Atlantic was the catalyst for the stock's pop.

That partner is France-based biotech Valneva (NASDAQ: VALN), which uses Dynavax's CpG 1018 adjuvant (substance that boosts a vaccine's effect) in its VLA2001 coronavirus vaccine candidate. Thursday morning, Valneva announced that the committee for medicinal products for human use (CHMP) advising the European Medicines Agency (EMA) has recommended the jab be granted marketing authorization as a primary shot for adults 18 to 50 years old.

The next step is for the European Commission (EC) to review the CHMP's recommendation and make a decision. Valneva said this should occur in the very near future, and pointed out that if VLA2001 were to win approval, it would become the first coronavirus vaccine to earn standard marketing authorization in the 27-country European Union.

Source Fool.com