A victory on the regulatory front and a bullish analyst move were the twin news items propelling BioNTech's (BNTX +4.77%) shares higher as the stock trading week began on Monday. The Germany-based biotech's equity rose by almost 3% in value during the session, comparing well to the 0.4% improvement of the S&P 500 index.
No prescription required
Friday afternoon, a vaccine advisory panel of the Centers for Disease Control and Prevention (CDC) narrowly voted against recommending a doctor's prescription to obtain shots of Covid vaccines in this country. BioNTech came to prominence during the Covid era as the co-developer (with Pfizer) of the go-to jab Comirnaty. To a degree, its reputation still rests on the product.
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Although the panel lacks the authority to impose a prescription requirement -- that falls to the U.S. Food and Drug Administration (FDA) -- its recommendations have much weight with healthcare authorities in this country.
Subsequent to that, on Monday morning analyst Jessica Fye of JPMorgan Chase unit J.P. Morgan slightly raised her price target on BioNTech's shares. According to reports, this was done because the analyst updated her model on the company's future performance.
NASDAQ: BNTX
Key Data Points
Relief rally
Vaccine makers collectively breathed a sigh of relief following the vaccine panel's ruling, although they likely weren't cheered by its vote to require patients to at least confer with healthcare professionals about Covid jabs. Americans who want the latest shots guarding against the persistent, and clearly adaptable, disease are now largely free to do so without involving too much medical bureaucracy.
