Why BioNTech Stock Is Falling Today
Shares of BioNTech (NASDAQ: BNTX) were 9.1% lower as of 11:51 a.m. EDT on Thursday. The German biotech didn't report any news, so why did its stock slide? You can probably blame Moderna (NASDAQ: MRNA).
Moderna announced its third-quarter results before the market opened on Thursday, and revenue and earnings were well below Wall Street's expectations. The company also lowered its full-year 2021 revenue outlook.
This disappointing report stemmed in large part from Moderna shifting deliveries of its COVID-19 vaccine from the second half of 2021 into 2022. The company's woes weighed on other vaccine stocks as well.
Source Fool.com