Why BioNTech Stock Crushed the Market Today

Shares of top coronavirus stock BioNTech (NASDAQ: BNTX) nicely bucked the general downward trend of the market on Monday. The Germany-based biotech's stock closed more than 5% higher on the day, against the 0.6% rise of the S&P 500 index.

A continued rise in coronavirus cases kept investors interested, but a stronger catalyst was the launch of a stock repurchase program.

That program was announced at the end of March; specifically, BioNTech will buy back up to $1.5 billion worth of its U.S.-listed shares over the next two years. Monday was the start of the initiative.

Source Fool.com