BioNTech (BNTX) stock reversed lower Monday after the German biotech company cut its outlook for the year, despite walloping third-quarter sales expectations.
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During the three months ended Sept. 30, BioNTech notched about $1.35 billion in sales. That was more than double analysts’ $557.7 million forecast. BioNTech’s only commercial product is its Pfizer (PFE)-partnered Covid vaccine. The company also earned roughly 88 cents per share, while the Street projected a loss of $1.66 a share.
But BioNTech stock slumped at the open. The company cuts its full-year outlook and now expects sales to be at the low end of its guidance for 2.5 billion to 3.1 billion euros. That translates to about $2.72 billion to $3.38 billion. Analysts estimated $2.92 billion in sales for the year.
In early trades on today’s stock market, BioNTech stock fell nearly 2% to 109.33.
Shares broke out of a lengthy consolidation with a buy point at 114.69 on Sept. 13, MarketSurge chart analysis shows. But shares have fallen as much as 5% below that entry, nearly triggering a sell point. Savvy investors tend to cut their losses when a stock falls 7% to 8% below its entry.
Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.
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