Why BioNTech Blew Past the Market on Wednesday

Coronavirus vaccine developer BioNTech (NASDAQ: BNTX) had a happy hump day, with its shares rising 9.5% -- in sharp contrast to the S&P 500 index, which declined by a fraction. The company's high-demand product is getting another big lift from the public sector.

The Biden administration reportedly plans to buy 500 million doses of BNT162b2 for distribution abroad. That's according to a Washington Post report published Wednesday morning, citing "three people familiar with the plans."

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Source Fool.com