Why BioNTech Stock Got Trounced on Tuesday
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BioNTech's stock fell over 6% due to concerns over a controversial FDA appointment and a bearish analyst report. The FDA appointed Dr. Vinay Prasad, known for his criticism of COVID-19 policies, to lead its vaccine division, impacting vaccine-related stocks. Additionally, Citigroup analyst Geoff Meacham lowered BioNTech's price target from $145 to $140, citing uncertainty in U.S. respiratory vaccine policy, despite acknowledging the company's strong first-quarter performance and promising developments.
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