Why BioNTech Stock Is Plunging Today

Shares of BioNTech (NASDAQ: BNTX) were plunging 19.8% as of 11:12 a.m. EDT on Friday. The steep decline came after Pfizer (NYSE: PFE) announced positive results from a late-stage study of its experimental COVID-19 pill Paxlovid. 

Pfizer reported that the risk of hospitalization or death was reduced by 89% in high-risk adults receiving Paxlovid compared to individuals receiving placebo. Through day 28 of the study, there were no deaths in patients who received the COVID pill compared to 10 deaths in the placebo group.

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Source Fool.com