Why BioNTech Stock Is Rising Today
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Shares of BioNTech (NASDAQ: BNTX) were rising 5% as of 11:46 a.m. EDT on Monday. The only news for the drugmaker was that New Zealand announced provisional approval of the COVID-19 vaccine developed by BioNTech and Pfizer (NYSE: PFE) for 12 year olds to 15 year olds.
It's more likely that BioNTech's shares moved higher today because of the overall stock market gain than the New Zealand approval. The entire population of New Zealand totals only around 5 million. The number of 12 year olds to 15 year olds is obviously much lower. That's not a big enough market to serve as a huge catalyst for the biotech stock.
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Source Fool.com
