Actions of BioNTech (NASDAQ: BNTX) were up 10.1% as of 11:41 a.m. EDT Thursday. Neither German biotech nor its coronavirus vaccine partner Pfizer (NYSE: PFE) announced news. Today’s gain appears to be primarily due to the overall rise in stock markets today, itself fueled by better-than-expected growth in US gross domestic product (GDP). It’s also possible that many investors thought BioNTech’s sale earlier this week was overdone.
A rising tide usually lifts all boats. This is pretty much what we are seeing today with BioNTech as the stock market has seen a nice bump.
The most important story for the biotech stock, however, is what happens next with its coronavirus vaccine candidate BNT162b2. Pfizer and BioNTech have always predicted that they would know whether or not the experimental vaccine was safe by the end of October.
However, this aggressive timeline now appears to have come out of the water. Pfizer CEO Albert Bourla said on the company’s third-quarter conference call on Tuesday that an interim efficacy analysis for an advanced-stage study of BNT162b2 had still not been completed by the oversight committee. data independent of the study.
Investors will want to be on the lookout for the promised intermediate efficiency analysis, as it may be announced soon. Assuming these results are encouraging, the next big step for BioNTech will take place in the third week of November. This is when Pfizer and BioNTech hope to submit an application for emergency use authorization from the FDA for BNT162b2.