Why Shares of BioNTech Rose Friday

Shares of BioNTech (NASDAQ: BNTX) were up as by much as 5.3% on Friday before closing the session up 3.85% after the biotech company announced positive news regarding a clinical trial for its non-small cell lung cancer therapy candidate. The stock is still down more than 27% so far this year. The company focuses on immunotherapies to treat cancer, infectious diseases, and other diseases.

BioNTech's shares have been sliding because sales of Comirnaty, the COVID-19 vaccine it developed with , are falling. The news that BNT316/ONC-392, a therapy that it is developing in partnership with privately-held biopharma OncoC4, is doing well in a phase 1/2 trial to treat non-small cell lung cancer (NSCLC) didn't move the stock as much as it could have on what was an up day for the markets. The company said it plans to begin a phase 3 trial of BNT316/ONC-392 as a monotherapy to treat immunotherapy-resistant NSCLC patients in the third quarter.

In the first quarter, BioNTech saw a big decline in revenue, reporting it made 1.27 billion euros (roughly $1.37 billion), down from 6.37 billion euros (about $6.8 billion) in the same period a year ago. Its earnings per share (EPS) dropped from 14.24 euros (roughly $15.27) to 2.05 euros (about $2.20).

Continue reading

Source Fool.com