Diamonds and Dogs

5/9/22

BioNTech (BNTX) reports strong COVID-19 vaccine sales. German biotech stock is up 6% after easily beating estimates as sales rose 211% to $6.37 billion. BioNTech reiterated its outlook for 2022, including Covid vaccine revenue of €13 billion to €17 billion. The company also reiterated plans announced in March for a special cash dividend of €2.00, and stock buybacks of up to $1.5 billion over the next two years. BioNTech said it will continue to work with Pfizer on the next generation of Covid vaccines, including an Omicron-adapted candidate.

Not a good day for the markets. Electric truck and car maker, Rivian (RIVN) is down 19% as a lockup expires allowing companies like Ford, Amazon and others to sell millions of shares in the stock. Rivian only expects to produce 25,000 vehicles this year verse initial estimates of 50,000. The stock came public in November at around $100 a share, ran up to $179 a share to only crater 80%. A similar fate has occurred to   electric full-size pickup truck maker, Lordstown Motors (RIDE).