Shares of BioNTech SE (NASDAQ:BNTX) are trading lower on Tuesday as the company reported mixed first-quarter financial results.
The stock’s decline comes amid a broader market rally, with major indices like the Nasdaq up by 1.19% and the S&P 500 gaining 0.72%.
• BioNTech stock is under selling pressure. What’s pulling BNTX shares down?
BioNTech Revenue Miss, Wider Net Loss Pressure Sentiment
In its first-quarter financial results, BioNTech reported revenues of 118.1 million euros ($138 million), down from 182.8 million euros a year ago, missing the consensus estimate of $214.62 million.
The sales fell primarily due to lower sales of its COVID-19 vaccines.
The company also recorded a net loss of 531.9 million euros, compared to a net loss of 415.8 million euros in the prior year.
The COVID-19 vaccine maker reported an …