Why BioNTech Is Tumbling Today
After a spike in price following the release of its latest earnings, BioNTech (NASDAQ: BNTX) fell below the waterline on Tuesday. In mid-afternoon action, the bellwether coronavirus stock was trading nearly 6% below the previous day's close.
In a combined earnings release and corporate update, BioNTech revealed that it earned just under 6.09 billion euros ($7.05 billion), a giant leap above the less than 68 million euros ($79 million) of the same quarter last year. The reason, it nearly goes without saying by now, is sales of the Comirnaty coronavirus vaccine it developed in partnership with U.S. pharmaceutical giant Pfizer.
Image source: Getty Images.
Source Fool.com