Biotech Stock Hits 2-Year Low as Vaccine Sales Decline

BioNTech reported lower-than-expected second-quarter revenue

Laura McCandless

Deputy Editor

Aug 7, 2023 at 11:05 AM

BNTX

BioNTech SE (NASDAQ:BNTX) is sinking to two-year lows today, after plunging Covid vaccine sales weighed on the company's second-quarter results. The biotech name reported narrower-than-expected losses of 79 cents per share alongside a revenue miss, with the company reducing its drug development as well.

At last glance, BNTX was down 9.4% at $96.45, and on the short sell restricted (SSR) list. Before today, the $110 level was keeping a cap on gains, as well as overhead pressure from the stock's 80-day moving average. Year-to-date, the equity is down 35.5%.

BioNTech stock's typically quiet options pits have seen 4.1 times the average daily options volume already, with 2,539 calls and 3,311 puts exchanged so far. The August 95 puts is the most active contract, with new positions being opened there.

Analysts have yet to chime in on the results. Of the 17 in coverage, 11 carry a "buy" or better rating on BNTX, with six a tepid "hold." The 12-month consensus price target of $164.56 is a 68.8% premium to current levels.

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