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BioNTech (BNTX) stock price is moving higher. The surge follows news on Monday that BioNTech and Pfizer received the “fast track” designation status from the Food and Drug Administration for two of their experimental coronavirus vaccines.
BioNTech SE (NASDAQ: BNTX) stock continued rising in the after-hours session with over 2% to trade around $80 and also in the pre-market with 4.87% to trade around $81.57. This is after closing yesterday at $77.78, which was a 10.55% rise.
The rise in the stock is pretty much attributed to the vaccine which the company is developing against the ongoing coronavirus that has infected almost 13 million globally as of the time of publication. With all the hype around the coronavirus stock market, any sort of endorsement of a vaccine by any regulatory approval suddenly causes a spike in volatility.
To get the perspective of its performance since the calendar flipped, its shares have added 129.57% YTD, jumped 86.84% in the past three months, added 55.87% in the past one month, and added 12.17% in the past five days.
It is a considerable rise compared to other stock markets that are seeing a negative figure in the same timeframe.
Better Days Looms Ahead for BioNTech (BNTX) Stock
As the number of coronavirus infected people continue rising in different parts of the world, the need for a vaccine or cure becomes dire. Any publicly traded biotech company showing signs of succeeding in the race for a COVID-19 vaccine is getting a lot of attention from the Wall Street investors and analysts.
The stocks surged after the Food and Drug Administration (FDA) gave the ioNTech and Pfizer joint coronavirus vaccine candidates a Fast Track designation status. The companies hope to have 100 million doses of a vaccine by the end of 2020 and possibly more than 1.2 billion doses by the end of 2021
“The FDA’s decision to grant these two COVID-19 vaccine candidates Fast Track designation signifies an important milestone in the effort to develop a safe and effective vaccine against SARS-CoV-2. We look forward to continuing to work closely with the FDA throughout the clinical development of this program, Project Lightspeed, to evaluate the safety and efficacy of these vaccine candidates,” said Pfizer Inc (NYSE: PFE) Senior Vice President of Global Regulatory Affairs Peter Honig.
With the number of consumers for the vaccines not anticipated to be filled by one company, if the BioNTech vaccine can make it among the top to be approved, the stock market will continue surging to reach a new ATH.