Why BioNTech Stock Sank Today
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Shares of vaccine producer and Pfizer (NYSE: PFE) partner BioNTech (NASDAQ: BNTX) tumbled 6% Wednesday after it was reported that the companies' local vaccine distributor, Chinese pharmaceutical firm Fosun, is suspending distribution of the companies' vaccine because of "defective bottle lids." Pfizer stock ended the day roughly where it began it.
In other news, Pfizer announced yesterday that in the future, Pfizer intends to go solo on projects to expand its development of new kinds of mRNA-based vaccines on its own.
As multiple news sites were reporting today, Fosun says it found unspecified defects in the lids that close the bottles of a single batch of the companies' COVID-19 vaccine, batch number 210102. Out of an abundance of caution, China is not permitting the vaccines to be administered in either Hong Kong or Macao (their destinations) -- either from batch number 210102 or from a separate batch with number 210102.
Source Fool.com
