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Why BioNTech Stock Sank Today

TheMotleyFool

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Shares of BioNTech (NASDAQ: BNTX) were sinking 14.5% as of 2:48 p.m. EDT on Thursday. The decline came after the German biotech announced the pricing of an upsized stock offering Wednesday evening.

BioNTech said on Wednesday that it plans to sell 5.5 million American depositary shares (ADSs) at $93 per share. The transaction will generate gross proceeds of $511.5 million. The company had previously indicated that its stock offering would include 5 million ADSs.

Image source: Getty Images.

Source Fool.com

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