Why BioNTech and RedHill Are Soaring This Week, While Novavax Is Sinking
Two leading COVID-19 vaccine makers have seen their shares go in totally different directions so far this week. BioNTech (NASDAQ: BNTX) was up by 15.6% for the week as of the market close on Thursday, according to data from S&P Global Market Intelligence. Shares of Novavax (NASDAQ: NVAX), meanwhile, have lost 14.3%. And shares of RedHill Biopharma (NASDAQ: RDHL), which is developing an oral COVID-19 therapy, were up 16.8% for the week as of the end of trading on Thursday.
BioNTech benefited from two positive developments. On Wednesday, the Food and Drug Administration authorized the use of mix-and-match COVID-19 vaccine boosters. On Thursday, BioNTech and its big partner, Pfizer (NYSE: PFE), announced phase 3 clinical trial results that showed an efficacy of 95.6% for a booster dose of their COVID-19 vaccine.
However, Novavax's shares were hammered after Politico reported on Tuesday evening that the company's manufacturing quality issues could be more serious than initially thought. Anonymous sources stated that Novavax has struggled to achieve required purity levels for its vaccine doses, the article said.
Source Fool.com
