COVID-19 Vaccine Program on the Way in Germany

By Chris Lange Published Apr 22, 10:28AM EDT

Follow 24/7 Wall St. on Google

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

COVID-19 Vaccine Program on the Way in Germany — © governortomwolf / Flickr

BioNTech SE (NASDAQ: BNTX) shares shot up on Wednesday after the company announced, in conjunction with Pfizer Inc. (NYSE: PFE | PFE Price Prediction), that its COVID-19 vaccine program was approved in Germany.

Specifically, the German regulatory authority, the Paul-Ehrlich-Institut, has approved the Phase 1/2 clinical trial for BioNTech’s BNT162 vaccine program to prevent COVID-19 infection.

BioNTech and Pfizer are jointly developing BNT162. The trial is the first clinical trial of a COVID-19 vaccine candidate to start in Germany and is part of a global development program. Pfizer and BioNTech also will conduct trials for BNT162 in the United States upon regulatory approval, which is expected shortly.

Separately, BioNTech is also collaborating with Fosun Pharma to develop BNT162 in China, where the companies expect to conduct trials.

Ugur Sahin, CEO and co-founder of BioNTech, commented:

We are pleased to have completed pre-clinical studies in Germany and will soon initiate this first-in-human trial ahead of our expectations. The speed with which we were able to move from the start of the program to trial initiation speaks to the high level of engagement from everyone involved.

[nativounit]

Albert Bourla, Pfizer board chair and chief executive, commented:

Pfizer and BioNTech’s partnership has mobilized our collective resources with extraordinary speed in the face of this worldwide challenge. Now that the work in Germany can commence, we are looking forward to and actively preparing for the potential start of this unique and robust clinical study program in the United States in the near future.

BioNTech stock traded up about 14% on Wednesday, at $48.18 in a 52-week range of $12.52 to $105.00. The consensus price target is $38.44.

Pfizer stock was up about 2% to $36.46. The 52-week range is $27.88 to $44.56, and the consensus price target is $41.14.

[recirclink id=683567][wallst_email_signup]

About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.