Valneva rose more than 30% in premarket trading on Monday after the company announced that phase-3 trials of a potential vaccination against COVID-19 had yielded good findings.

The studies tested Valneva's candidate against the AstraZeneca vaccine, which is one of the world's top six anti-COVID vaccines. According to Valneva, the results reveal that its candidate has higher neutralizing antibody levels than the British firm's vaccination.

According to Valneva, the results could indicate that both vaccines used in the trial avoided severe Covid-19 caused by circulating variations, including the dominant Delta.

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Valneva said it is planning for trials in children aged 5 to 12 as well as a booster trial to see how well the vaccine, VLA2001, works as a booster for adults who require it.

The company has started the process of applying for initial approval with the Medicines and Healthcare Products Regulatory Agency in the United Kingdom and is getting ready to do the same with the European Medicines Agency.

The news comes only weeks after the United Kingdom canceled a temporary order for 100 million doses of the medicine, claiming the business had broken its contract. Outside observers saw the move as motivated in part by friction between the UK and French governments over the mutual implementation of the Brexit agreement and a bilateral agreement on policing migrant flows across the English Channel. Valneva had denied the allegations at the time, and outside observers saw the move as motivated in part by friction between the UK and French governments over the mutual implementation of the Brexit agreement and a bilateral agreement on policing migrant flows across the English Channel.

The stock had lost more than half of its value as a result of the U.K.'s move, but it now only has around half of that value.