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Stock Alert: BioNTech Jumps 9% As Its COVID-19 Vaccine Candidate Gets Fast Track Status

Shares of BioNTech SE (BNTX) are currently gaining about 9% on Monday morning after it's COVID-19 vaccine candidates received Fast Track designation from the US FDA.

BNTX is currently trading at $76.41, up $6.05 or 8.60%, on the Nasdaq.

BioNTech, which has teamed up with Pfizer Inc. (PFE) to develop vaccines for the deadly coronavirus, announced that two of the companies' four investigational vaccine candidates from their BNT162 mRNA-based vaccine program (BNT162b1 and BNT162b2) received Fast Track designation.

Fast Track is a process to expedite the review of new drugs and facilitate development of new drugs.

BNT162b1 and BNT162b2 are the two most advanced vaccine candidates in the BNT162 program currently being evaluated in ongoing Phase 1/2 clinical studies in the US and Germany.

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