Shares of BioNTech (BNTX 1.66%) were surging 6.7% higher as of 3:22 p.m. ET on Thursday. There wasn't a clear catalyst for the solid gain. However, two factors likely contributed to BioNTech's performance.
The stock market bounced back somewhat after a big sell-off on Wednesday, with Nasdaq stocks leading the way. Also, investors appear to be more optimistic about BioNTech's prospects following Tuesday's announcement of U.S. Emergency Use Authorization (EUA) for a booster dose of its COVID-19 vaccine in kids ages 5 to 11.
Today's move higher for the biotech stock could be more noise than anything else. It remains to be seen if BioNTech can keep the momentum going.
Few stocks can swim upstream against an overall stock market decline. Several more positive days will be needed to confirm that a rebound is truly underway.
The EUA for boosters in young children is certainly good news for BioNTech. However, the authorization probably won't translate to increased sales for the company over the near term.
BioNTech could have more positive news on the way soon. The company and its big partner, Pfizer, expect to report data within the coming weeks from a clinical study evaluating a version of their COVID-19 vaccine that specifically targets the coronavirus omicron variant. The two partners also anticipate announcing results soon for a booster dose in kids ages 6 months to 5 years.