Shares of BioNTech (NASDAQ: BNTX) were soaring 17.7% as of 10:57 a.m. EDT on Monday. The big gain came after BioNTech and its partner, Pfizer (NYSE: PFE), announced that two vaccine candidates being developed for SARS-CoV-2, the coronavirus that causes COVID-19, received Fast Track designation from the U.S. Food and Drug Administration (FDA).
It makes sense that the biotech stock jumped today; receiving Fast Track designation is definitely good news for BioNTech and for Pfizer. The FDA’s decision means that the companies’ two COVID-19 vaccine candidates, BNT162b1 and BNT162b2, will enjoy an expedited FDA review process. BioNTech and Pfizer will also be able to work more closely with the FDA on clinical trial plans.