BioNTech (BNTX) Stock Jumps 5.8%: Will It Continue to Soar?

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BioNTech SE Sponsored ADR (BNTX) shares soared 5.8% in the last trading session to close at $105. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 17% gain over the past four weeks.

Last month, the FDA approved the company’s updated mRNA-based COVID-19 vaccine that targets the KP.2 strain of the virus. The vaccine has been developed in partnership with Pfizer. The regulatory body approved Pfizer/BioNTech’s Comirnaty for use in individuals aged 12 years and older. It also granted emergency use authorization (EUA) to low-dose formulations of the vaccine for use in individuals aged six months through 11 years. This might have driven the share price rally.

This company is expected to post quarterly loss of $0.99 per share in its upcoming report, which represents a year-over-year change of -235.6%. Revenues are expected to be $747.31 million, down 23.3% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For BioNTech, the consensus EPS estimate for the quarter has been revised 12.2% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on BNTX going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

BioNTech is part of the Zacks Medical - Biomedical and Genetics industry. GSK (GSK), another stock in the same industry, closed the last trading session 1.5% lower at $43.11. GSK has returned 6.2% in the past month.

For Glaxo , the consensus EPS estimate for the upcoming report has changed -0.2% over the past month to $1.22. This represents a change of -3.2% from what the company reported a year ago. Glaxo currently has a Zacks Rank of #3 (Hold).

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