BioNTech plunges 15% following all-time high
Vaccine firm dips in run-up to first quarter results
BioNTech bounced back on Wednesday, having plunged by 15.3% in the previous day's session.
The company had started the week by surging to a record high of $213.15, a 1,260% increase from the level at which it began trading in its October 2019 IPO.
The biotech firm's growth has come about thanks to its successful partnership with Pfizer in developing one of the first and most popular MRNA vaccines for COVID-19.
Tuesday's dip was all the more surprising as that same day BioNTech's CEO Ugur Sahin revealed to a Financial Times conference panel that the company is set to request regulatory approval for a longer-lasting version of its COVID-19 vaccine.
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BioNTech is set to publish its quarterly results at the start of next week. The performance of its larger vaccine partner, Pfizer, has further raised expectations. Reporting strong first-quarter earnings on Tuesday, the pharma giant also increased its annual sales expectations for the COVID-19 vaccine by 70%.
Although the cause for Tuesday's sudden plunge remains unclear, BioNTech regained upward momentum on Wednesday, trading up 8.3% by mid-morning at $191.74.
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