Why BioNTech Stock Got Trounced on Tuesday
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An unhealthy combination of factors resulted in an unhealthy day on the stock market for next-generation healthcare company BioNTech (NASDAQ: BNTX). Investors were concerned about the latest top-level appointment in public health, plus an analyst became a bit more bearish about the company's future.
When the smoke cleared, BioNTech's shares closed the day more than 6% lower. That was a more dramatic slide than the 0.8% drop of the S&P 500 index.
The Food and Drug Administration (FDA), a division of the government's Department of Health and Human Sciences (HHS) headed by Robert Kennedy Jr., announced that appointment Tuesday morning. It has selected Dr. Vinay Prasad to head its Center for Biologics Evaluation and Research, the division responsible for approving vaccines.
Source Fool.com
