Why BioNTech Stock Jumped Today

Shares of BioNTech (NASDAQ: BNTX) were jumping 4.7% higher as of 2:52 p.m. EDT on Tuesday after rising as much as 10.9% earlier in the day. The gain appears to be the result of continued momentum from Monday's news. BioNTech and Pfizer (NYSE: PFE) announced positive preliminary results from early-stage testing of COVID-19 vaccine candidate BNT162b1 yesterday. The partners also announced a deal to supply 30 million doses of their COVID-19 vaccine candidate to the United Kingdom pending success in clinical testing and regulatory approval.

BioNTech is taking advantage of this momentum. The German biotech announced Tuesday morning that it plans to offer 5 million American Depositary Shares (ADS) in a public stock offering.

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Source Fool.com