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Why BioNTech Stock Is Jumping Today

TheMotleyFool 
0 0 18.03.22
Why BioNTech Stock Is Jumping Today: https://investors.biontech.de/media-materials
 

Shares of BioNTech (NASDAQ: BNTX) were jumping 6% as of 11:22 a.m. ET on Friday. The gain continued momentum from earlier this week with COVID-19 cases soaring in China and Europe. And on Tuesday, BioNTech and its big partner, Pfizer (NYSE: PFE), applied for Food and Drug Administration authorization of an additional booster dose of their COVID  vaccine for adults 65 or older.

For months, investors appeared to be largely writing off BioNTech's prospects in the COVID vaccine market. The biotech stock fell nearly 70% from its peak, set last year. However, recent coronavirus outbreaks have caused a reexamination of those views.

The surge in COVID cases in China could put pressure on the country's government to approve BioNTech's vaccine. BioNTech partnered with Fosun Pharma to target the Chinese market. 

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Source Fool.com

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