Why BioNTech Stock Slumped Today
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Shares of BioNTech (NASDAQ: BNTX) were slumping 7.5% lower as of 3:35 p.m. EST on Thursday. This decline might seem surprising considering the good news the company and its partner Pfizer (NYSE: PFE) reported this week. This news notably includes positive efficacy results for coronavirus vaccine candidate BNT162b2 and a supply agreement with the European Union for 200 million doses of the vaccine.
Why did the German biotech stock sink? The most likely reason is old-fashioned profit-taking. BioNTech skyrocketed more than 50% in three days after the interim efficacy results were announced for BNT162b2. It's tempting for investors to take profits off the table with a sharp, quick gain like that.
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Source Fool.com
