BioNTech stock falls after cancer trial misses key endpoint
Summary
Shares of BioNTech experienced a decline following the latest clinical trial results. The experimental cancer treatment failed to reach its primary goal during testing, causing investors to react.
Our Take
This is a real setback, but not the end of the story. BNT113, BioNTech's mRNA drug for HPV-linked head and neck cancer, did not meaningfully extend the time patients went without their cancer getting worse when added to Keytruda. Independent monitors still recommended continuing the trial to measure overall survival, the second main goal, so the program is not dead yet. Even so, the market is pricing in lower odds, and BNTX is trading around $90 in the premarket, down close to 6% from Monday's $95.84 close.
On the chart, BNTX had already been drifting lower, from about $100 in late September into the $92-$96 range this month. This news pushes it below that range, which is a weak spot technically.
Key levels for Tuesday:
- Support: $88.88, the premarket low. Below that, there is not much until the 52-week low of $79.52.
- Resistance: $92, the bottom of the recent range (October 8 low and close), then $95.75, Monday's low.
If $88.88 holds after the open, a bounce back toward $92 is possible, but I would treat that level as a place where sellers come back in. A clean break below $88.88 would tell me the selling is not done yet.
Opinion of Tech & Money Press. Not financial advice.
Source: Read the full story at Stock Market News