Valneva (NASDAQ:VALN) stock is rocketing higher on Tuesday following news that Pfizer (NYSE:PFE) is taking a stake in the vaccine company.
Pfizer has reached an agreement that will have it investing $95 million in Valneva through a purchase of VALN stock. That will go into effect Wednesday and will result in Pfizer owning an 8.1% stake in the company.
The post Why Is Valneva (VALN) Stock Up 85% Today? originally appeared at InvestorPlace.