Why BioNTech Stock Was Sinking Today
A monster revenue miss was the big reason for the widespread investor sell-off in BioNTech (NASDAQ: BNTX) stock on Monday. As of late-session trading that day, the once-hot biotech's share price had fallen by more than 7%. Meanwhile, in contrast, the S 500 index was in positive territory, rising by nearly 0.8%.
For its second quarter, BioNTech posted total revenue of 167.7 million euros ($184.5 million). That was very much down from the nearly 3.2 billion euros ($3.5 billion) it earned in the same period of 2022. The dynamic was similar on the bottom line, with the biotech flipping to a loss of more than 190 million euros ($209 million) from the year-ago profit of almost 1.7 billion euros ($1.9 billion).
The reason for the dramatic change wasn't hard to tease out. The one commercialized product that put BioNTech on the map, Comirnaty (developed in partnership with ), is a COVID vaccine. With the general waning of the coronavirus pandemic, demand for the shot fell off a cliff.
Source Fool.com
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