Breakout Stocks – Corona Virus Stocks
It would not be a surprise if BioNTech ($BNTX) hits a promising share price in the coming weeks. The company crashed on Tuesday with a small discount at a high level and according to various analysts should still make a run for a maximum price target. If the perspective is not misleading, the share may even reach $82. Although it must be said that with a possible bullish this is not expected for a long period of time. Remember, the share has already been up over 97% since the efforts of the pharmaceutical.
It is only a matter of time
The main reason is that BioNTech has announced that it expects approval for the vaccine in October, with an ultimate deadline set in November. This means that the authorization requirement for an approved vaccine must be met. In other words, the share of BioNTech depends almost entirely on whether or not this vaccine will be approved on time. The company has reported conflicting findings to the market a long time ago as an ad hoc. In this regard, it can be said that everything has gone quite smoothly so far.
The share of BioNTech is on the rise as investors know it is only a matter of time before it becomes clear which pharmaceutical company will receive the trophy. The cards seem to be shuffled well so far for BioNTech and partner annex pharma-giant Pfizer ($PFE). The confidence of the share holdes has increased significantly in recent months, given that the share has been hovering above $60 for quite some time. From the chart analysts point of view, the stock could surpass $75 to reach $82. Conversely the value down is well protected. Thanks to the funding the pharmaceutical companies have received, neither company will soon run out of capital. Quite reassuring, which strengthens their position compared to the other pharmaceutical companies.
Will you wait or strike now?
Analysts with a technical background are convinced that the stock has a great potential. In each time dimension, the value currently exceeds GD (38, 100 and 200) – with the caution that this is most likely a short period. Still, many investors currently seem to be waiting for more hopeful or confirmatory news about the latest developments in the vaccine race. This can be seen from the turnover that is continuously falling, which is a sign of a wait-and-see attitude on the stock market. However, the stability of the course can be considered positive, as minor setbacks within the current sideways movement have always been cushioned by BioNTech themselves.
The 200-day line – which is valued at $52.25 – provides support on the downside. The 50-day line – which has an exchange rate of around $71.80 – is hedging the resistance. The $66 dollar price is neatly between the two moving averages.
What is BioNTech’s current position?
Finally, for those who need a quick refresher about what BioNTech is interesting for at the moment: BioNTech and Pfizer have two vaccine candidates, called BNT162b1 and BNT162b2. The United States Food and Drug Administration (FDA) granted both the prompt designation in July this year. Ultimately, BioNTech and Pfizer chose BNT162b2 as their lead vaccine candidate, simply because it exhibits a stronger safety profile and has the potential to be more effective than its counterpart.
BioNTech and Pfizer began a phase 2/3 clinical trial for BNT162b2 in the same month. Since then several contracts have been concluded, including with the governments of the United States, Japan, Canada, United Kingdom and the European Union. The agreements are in place to deliver millions of doses of their vaccine candidate by the end of 2020 – once the BNT162b2 is approved by the FDA.
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