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.
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Source Fool.com
